Recently the Irvine Company sold the Symphony Towers office building, a 34-story 530,000 SF property in downtown San Diego per The Registry Southern California Real Estate. All the way back in 2002, the Irvine Company purchased the property for $134.3 million or ~$232/SF. The property recently transacted for only $45.7 million (~$86/SF). a 66% discount.
Per the listing broker for the property, it was approximately 75% leased as of the date of listing.
The property was bought by Formosa Ltd. the CEO and Founder of Formosa, Joe C. Wen, noted of the acquisition:
“This acquisition provides an extraordinary opportunity for us to establish a foothold in one of San Diego’s premier office locations,” Joe C. Wen, Formosa CEO and founder, said in a statement. “This is one of the most dynamic buildings in the market and is poised for continued success with the much-anticipated reopening of the San Diego Symphony later this year.”
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