Unfortunately the Irvine Company has just sold another building at a huge loss, this time at 401 B Street, per the Orange County Business Journal. The property was orifinally bought in 2004 for $148.3 million from the California State Teachers’ Retirement System.
The buyers, The Prebys Foundation noted of the sale that it “marks a strategic investment in the future of downtown as a thriving hub for business, the arts, creativity and community engagement.”
This sale comes on the heels of the Irvine Company sale of the Symphony Towers in downtown San Diego last fall, also at a large discount.
The sale price of the B Street property is approximately $82/SF, a 73% drop from the acquisition price.
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