The Irvine Co. is buying a large portfolio of 17 commercial office properties in San Diego for an undisclosed sum.
The Blackstone Group acquired the buildings from Chicago-based Equity Office Properties earlier this month in the largest public to private commercial real estate acquisition ever.
The local portfolio totals 2.1 million square feet. Most of the properties are located in the UTC area. The sale is expected to close within the next 30 to 60 days.
“We believe in San Diego’s economic future, and this is another long-term investment by our company in a thriving area where we have built and owned office properties for more than 25 years,” Val Wheeler, an executive with the Irvine Co., said in a news release.
The Irvine Co.’s current San Diego holdings include One America Plaza, Symphony Towers, Wells Fargo Plaza, 225 Broadway, 101 West Broadway and 501 West Broadway, all downtown.
, Michelle Mowad