COMMERCIAL PROPERTY
Untitled Page
Ford Motor Co.'s Irvine office purchased for $73 million
Sale to Transpacific Development Co. among biggest deals this year.
By Kristen SchottPublished: June 02, 2009 02:41 PM
Ford Motor Co.'s green office complex at the Irvine Spectrum was sold to Transpacific Development Co. for $73 million. The move is among the biggest transactions in Southern California so far this year.
Ford relocated its Premier Automotive Group to the 270,000-square-foot property, which is located at One and Three Premier Place, in 2001, but the concept is struggling under the weight of sour auto sales. Ford's West Coast headquarters will remain at Three Premier Place, a one- and two-story, 89,000-square-foot building.
One Premier Place is a five-story, 181,000-square-foot building. It has been leased to Taco Bell Corp. The company is implementing improvements and plans to move its headquarters into the property sometime next year.
“As long-term investors in commercial real estate, we strive to find properties that have enduring value and will be attractive to tenants in varying market conditions,” says Thomas Irish, president of Torrance-based Transpacific Development. “As evidenced by our tenants – each a top firm in their respective industries – this property is able to attract very high-level companies."
NEXT PAGE >>
Related headlines
'OC METRO Minute,' June 2: Ford Motor Co. sells green buildings in Irvine
Sales of Orange County businesses fall 35 percent
Grubb & Ellis' first-quarter financials: down, but not out
Irvine Co. offers free rent to grads
|
||||
|
Ford relocated its Premier Automotive Group to the 270,000-square-foot property, which is located at One and Three Premier Place, in 2001, but the concept is struggling under the weight of sour auto sales. Ford's West Coast headquarters will remain at Three Premier Place, a one- and two-story, 89,000-square-foot building. One Premier Place is a five-story, 181,000-square-foot building. It has been leased to Taco Bell Corp. The company is implementing improvements and plans to move its headquarters into the property sometime next year. “As long-term investors in commercial real estate, we strive to find properties that have enduring value and will be attractive to tenants in varying market conditions,” says Thomas Irish, president of Torrance-based Transpacific Development. “As evidenced by our tenants – each a top firm in their respective industries – this property is able to attract very high-level companies." NEXT PAGE >> Related headlines 'OC METRO Minute,' June 2: Ford Motor Co. sells green buildings in Irvine Sales of Orange County businesses fall 35 percent Grubb & Ellis' first-quarter financials: down, but not out Irvine Co. offers free rent to grads |
||||