Los Angeles-based Maguire Properties Inc. has reached an agreement to sell the Griffin Towers office complex in Santa Ana, according to a report in the Wall Street Journal.
A partnership between Dallas-based Lincoln Property Co. and Angelo, Gordon & Co., a New York-based private equity firm, are reportedly buying the two 14-story buildings for a combined $90 million, or about $167 per square foot.
That’s close to the price sources expected the buildings to trade for when it was being marketed earlier this year, although it’s well below the $200 million value given to the offices when Maguire refinanced the property in 2008.
Other offices in the South Coast metro area traded for about $125 per square foot last year.
Griffin Towers is located at the intersection of the San Diego (I-405) and Costa Mesa (55) freeways. The buildings include the headquarters of vocational schools operator Corinthian Colleges Inc., among other tenants. The two offices are about 77% full.
The deal’s expected to close within the week, according to sources.
