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Maguire unloads Irvine property at 40 percent off
Emmes Group of Cos., based in New York, buys office building for $160 million from L.A.-based Maguire Properties.
Kimberly A. PorrazzoPublished: June 15, 2009 09:56 AM
Maguire Properties Inc. announced today that it has completed the sale of 3161 Michelson, located at the Park Place campus in Irvine, to an affiliate of the EMMES Group of Cos.
A spokesperson for Maguire told OC METRO that while they are not officially releasing the sales price at this time, EMMES’ announcement of the purchase price of $160 million is accurate.
Park Place is a 19-story office building that is currently 60 percent leased.
A Wall Street Journal report indicates that the construction costs for the building, which was completed in 2007, was roughly $500 per square foot. The sales price of $160 million translates to a selling price of about $300 per square foot, or 40 percent less than the original cost.
The report also notes that the primary tenant was intended to be New Century Financial. The company was at the center of the mortgage meltdown and never moved into the building.
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A spokesperson for Maguire told OC METRO that while they are not officially releasing the sales price at this time, EMMES’ announcement of the purchase price of $160 million is accurate. Park Place is a 19-story office building that is currently 60 percent leased. A Wall Street Journal report indicates that the construction costs for the building, which was completed in 2007, was roughly $500 per square foot. The sales price of $160 million translates to a selling price of about $300 per square foot, or 40 percent less than the original cost. The report also notes that the primary tenant was intended to be New Century Financial. The company was at the center of the mortgage meltdown and never moved into the building. NEXT PAGE >> Related headlines 'OC METRO Minute,' June 11: South Coast Plaza buildings receive LEED gold rating Affordable rental project in Irvine set to open in July Irvine-based Trumark Cos. launches homebuilding firm |
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