An investor group led by developer Five Point Holdings LLC agreed to sell the two largest office buildings in its Five Point Gateway campus in Irvine, California, for $355 million, in what would be the largest office sale in Orange County since 2017 and one of the largest in the country since the coronavirus began in March.
Five Point Holdings, through a joint venture in which Five Point holds a 75% stake, plans to sell the buildings totaling almost 661,000 square feet in the Irvine Spectrum office district to Washington, D.C.-based real estate investment firm PRP Real Estate, according to a Five Point Holdings filing. The sale price amounts to almost $537 per square foot.
Source: Costar
