Irvine Co. Sells Final San Diego Office Tower for 60% Off 2006 Deal
The private investment firm has unloaded multiple Downtown San Diego office buildings for major discounts over the past 12 months.
Donald Bren’s Irvine Company has traded its last office tower in Downtown San Diego at a major loss compared to its 2006 purchase price, capping the firm’s move to pivot out of San Diego’s office market.
Saca Development’s John and Payton Saca paid $120 million for One American Plaza, a 34-story office building at 600 West Broadway, according to The Real Deal.
That’s less than half of the $300 million that Irvine Company spent to acquire the tower nearly two decades ago, per reports at the time.
Carolwood Estates’ Mick Partridge represented the buyers in the deal, while Eastdil Secured’s Adam Edwards represented Irvine.
A spokesperson for Irvine and Payton Saca did not immediately respond to a request for comment.
Author's summary: Irvine Co. sells office tower at 60% loss.
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