January 20, 2006

Significant Orange County Transaction

The Irvine Co. has announced the purchase of the Irvine Center Towers. The Irvine Co. did not disclose the price paid to take over the Irvine Center Towers from Philadelphia's CIGNA Corp. and Transwestern Investment Co. of Chicago.

The buildings on Von Karman Avenue and Michelson Drive, likely sold for about $325 million or roughly $360 per square foot according to the estimate by Scott Johnstone, a senior vice president with the brokerage firm Grub & Ellis. The two Towers contain approximately 900,000 square foot of commercial space. Johnstone said the Irvine Co. is already the largest holder of office space in the county and is expected to make other purchases in the commercial hub near John Wayne Airport in the future.