Irvine Company has closed on its purchase of Costa Mesa’s Pacific Arts Plaza, the Newport Beach-based landlord said Friday.
It’s the first office complex that Irvine Co. owns in the glitzy business and arts district around Costa Mesa’s South Coast Plaza.
The eight-building property is next to the San Diego (I-405) Freeway on Anton Boulevard. It counts tenants including Rutan & Tucker LLP, the county’s second largest law firm by attorney count, among others.
Terms of the deal, first reported by the Business Journal earlier this month, were not disclosed.
Reports earlier this week in the Wall Street Journal placed the expected sales price for the 827,000 square foot property at $213 million.
The complex includes four high-rise and mid-rise offices and four smaller buildings that hold restaurants.
Irvine Co. said it plans to start a renovation project at the campus starting next year.
“The project is complementary to our existing portfolio,” said Doug Holte, president of Irvine Co.’s office properties division, in a statement.
The buy gives Irvine Co. about a 10% market share in the office market around South Coast Plaza.
The complex previously was owned by Los Angeles-based MPG Office Trust Inc. It was sold by a court-appointed receiver, after MPG predecessor Maguire Properties Inc. defaulted on loans tied to the property.
