Pacific Life Insurance Co., a prominent provider of life and retirement insurance based in Newport Beach, is making strategic moves in response to the impact of the pandemic. The company has decided to sell its expansive office space in Aliso Viejo, spanning nearly 250,000 square feet.
The prime office located at 45 Enterprise, built exclusively for Pacific Life in 2008, is expected to fetch a price of $80.1 million, or $325 per square foot, according to a property listing for the site from Newmark, which has the listing. According to the Orange County Business Journal, which first reported on the story, Newmark is seeking an owner-user willing to acquire the property from Pacific Life.
Given the unique circumstances and the demand for large-scale office spaces exceeding 100,000 square feet in Orange County being relatively scarce, the property might remain on the market longer than usual. Recent office transactions in the region have seen valuations fall below $200 per square foot.
Although the Aliso Viejo building underwent renovations in 2022, including upgrades to the executive floors, these improvements remained unused due to the transition to remote work prompted by the pandemic. Pacific Life originally acquired the 5.5-acre vacant site in 2007 for approximately $15 million and entrusted Parker Properties with the development of the office building. Standing tall at nine stories, the Class A office tower is the tallest structure within the Summit Office Campus.
The Summit Office Campus is a master-planned campus spanning 70 acres and features 16 low to mid-rise office buildings and various amenities developed in multiple phases between 2000 and 2017. The initial phase, known as The Heights, consists of five buildings designated as 65-101 Enterprise. Additionally, Harbor Associates LLC, the current owner, is renovating two other offices at 15 and 25 Enterprise, which will be rebranded as Parkline. Harbor Associates acquired these properties in 2021 for a combined total of 295,000 square feet at a cost of $92 million.
Adjacent to the Pacific Life tower is the final building within the Summit Office Campus, which was constructed for MicroVention Inc., a medical device manufacturer. Presently known as MicroVention-Terumo, the company has expanded its operations beyond the building, further cementing its presence in the area.
