76.7 F
San Diego
Saturday, Jul 13, 2024
-Advertisement-

$38M Award Upheld Against the Irvine Co.

A local Superior Court judge denied Newport Beach-based the Irvine Co.’s efforts to set a December jury verdict in a case involving San Diego-based real estate development and investment company Cisterra Partners LLC. The jury awarded damages in the amount of $38 million.

In the trial, the jury agreed with Cisterra’s claims of breach of contract and interference on the part of the Irvine Co., which owns One America Plaza, Symphony Towers, Wells Fargo Plaza, 101 W. Broadway and 501 W. Broadway downtown and several other La Jolla and Sorrento Mesa office properties.

The verdict capped six years of legal battles over the purchase of an undeveloped site in San Diego’s Golden Triangle near the intersection of Nobel Drive and Interstate 805.

Steve Black, co-managing partner of Cisterra Partners, said the judge’s ruling validates the jury’s decision in Cisterra’s suit against the Irvine Co.

“We continue to believe in the merits of the case, first confirmed by the jury and now by the court,” said Black.

Cisterra said it had originally signed an agreement to purchase the property from San Dieguito Partnership.

Before the purchase was complete, the Irvine Co. found out about Cisterra’s deal by signing a confidentiality and non-use agreement. However, Cisterra said the Irvine Co. used the confidential information to offer to buy the site for more money, “thereby upsetting Cisterra’s original price for the purchase of the site.”

Idec Pharmaceuticals, now Biogen Idec, purchased the site and developed it.

Christopher Garrett, a partner with Latham & Watkins LLP’s San Diego office, which represented the Irvine-based commercial real estate giant, said the Irvine Co. intends “to continue our appeal of this decision and vigorously defend our actions and reputations.”

-Advertisement-

Featured Articles

-Advertisement-
-Advertisement-

Related Articles

-Advertisement-
-Advertisement-
-Advertisement-