An office building in Irvine has recently traded hands, this time for substantially less than when it previously sold more than 10 years ago. In a recent acquisition, Greenlaw Partners paid $57.5 million, or about $183 per square foot, for the nearly 315,000 square foot property, according to a report from the Orange County Business Journal. The seller in the transaction was AEW Capital Management.
The building, which is located at 2050 Main St., stands 13 stories and is home to a number of tenants, including Lionakis and Passco Companies.
The property is part of the larger Irvine Concourse, a 48-acre area of the city near the John Wayne Airport that contains a mix of office, retail and hospitality properties. Overall, the area has 2 million square feet of office space.
The property last traded hands in 2011, according to the report. At that time, AEW Capital Management paid $108.5 million, or about $345 per square foot for the building.
Over the past year, a number of office properties throughout Orange County have traded for less than what they had previously sold for.
In Santa Ana, The Registry reported in March that LaSalle Investment Management sold a building at 4 Hutton Centre for $25 million, or $115 per square foot. The property, which was acquired by Costa Mesa-based investor Joe C. Wen, sold for approximately 50 percent less than it initially traded for in 2019. At that time, the 216,684 square foot property sold for $55 million.
