Resources Connection Inc. (Nasdaq: RGP), a global consulting firm whose clients have included 88% of the Fortune 100, confirmed that it is selling its Irvine headquarters to the city of Irvine, according to regulatory filings.
The city of Irvine will pay $13.5 million for the 57,301-square-foot office, or nearly $236 per square foot.
The sale is expected to close on Aug. 15.
The deal follows the city’s approval in April to enter into a purchase and sale agreement for the building at 17101 Armstrong Ave., as first reported by the Business Journal.
The company has owned the building since 2005, when it paid $9.8 million for the office.
RGP, which reports employing about 200 locally, hasn’t disclosed its plans for a new headquarters following the sale.
The property, which is about 1.4 miles from the Irvine Civic Center, will be used for an expansion of the city’s operations, and would allow for a reconfiguration of Irvine’s existing, 191,000-square-foot Civic Center at the intersection of Alton Parkway and Harvard Avenue “to address both city council expansion and Police Department related space needs,” city filings said.
At press time, shares in RPG were $11.10 apiece, giving it a $375 million market cap.
