{"id":1004186908,"date":"2017-08-17T09:13:22","date_gmt":"2017-08-17T17:13:22","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004186908"},"modified":"2022-12-08T09:39:40","modified_gmt":"2022-12-08T17:39:40","slug":"oc-corporate-campus-trades-for-443m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/oc-corporate-campus-trades-for-443m\/","title":{"rendered":"OC Corporate Campus Trades for $443M"},"content":{"rendered":"

By Keith Loria, Contributing Editor<\/em><\/p>\n

\"Five<\/a>

Five Point Gateway aerial view<\/p><\/div>\n

An investor group led by Five Point Holdings, LLC has acquired Broadcom Limited\u2019s 73-acre corporate campus in Irvine, Calif., for $443 million and renamed the property Five Point Gateway.<\/p>\n

The Orange County campus consists of nearly one\u00a0million square feet of planned research and development and office space across four buildings. Broadcom will remain the property\u2019s largest tenant, leasing approximately 660,000 square feet of R&D\u00a0space pursuant to a 20-year lease.<\/p>\n

\u201cThis venture adds a new dimension to our company as we start building our commercial portfolio<\/a>,\u201d\u00a0<\/em>Emile Haddad, FivePoint\u2019s chairman & CEO, said in a prepared release.\u00a0\u201cWe believe it is vital for Irvine and the region to create a jobs-to-housing balance that positively impacts all aspects of community life from traffic to lifestyle to more time with family,\u201d<\/em> Haddad added. \u201cProviding jobs close to where people live is a fundamental aspect of all of our communities.\u201d<\/em><\/p>\n

Doing Business in OC<\/h2>\n

FivePoint is the master developer of the site\u00a0and originally sold the land to Broadcom two years ago, but retained a buy-back option on the site. FivePoint will be the majority owner of the campus through Five Point Office Venture Holdings I LLC, which also includes two affiliates of existing partners of FivePoint in its Great Park Venture.<\/p>\n

The property is located at the southeast corner of Great Park Neighborhoods near the San Diego Freeway and Irvine\u2019s Transportation Center.<\/p>\n

In addition to Broadcom, FivePoint and homebuilder Lennar will also use space in the campus. The rest of the new office space, which comprises approximately 230,000 square feet, will be leased to other tenants.<\/p>\n

\u201cThe opportunity to become more enmeshed in the daily life of Irvine\u2019s thriving business community has always been part of our long-term plan,\u201d <\/em>Haddad said. \u201cWe are proud to have Broadcom, a world-class technology company, as our first and largest tenant \u2013 and are looking forward to very soon joining it as a neighbor.\u201d<\/em><\/p>\n

The acquisition was financed with more than $100 million in cash and $339 million in loans. The deal also included \u201centitlements,\u201d which FivePoint may use to build 734,000 square feet of office space, 1,300 apartments or 1,000 home sites.<\/p>\n","protected":false},"excerpt":{"rendered":"

The acquisition was financed with more than $100 million in cash and $339 million in loans. The complex consists of planned research-and-development and office space spread across four buildings.<\/p>\n","protected":false},"author":451,"featured_media":1004186915,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21783,21742,21747,34267,15],"tags":[37211,35771,34973],"class_list":["post-1004186908","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-investment","category-latest","category-office","category-orange-county","category-west","tag-emile-haddad","tag-fivepoint-holdings","tag-lennar-corporation"],"acf":[],"yoast_head":"\nOC Corporate Campus Trades for $443M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/oc-corporate-campus-trades-for-443m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"OC Corporate Campus Trades for $443M\" \/>\n<meta property=\"og:description\" content=\"The acquisition was financed with more than $100 million in cash and $339 million in loans. 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