2505 Augustine Dr. is home to the UC Santa Cruz Extension Silicon Valley.

SANTA CLARA, CA—The Irvine Co. has acquired a 63,000-square-foot building here for $35.75 million, according to local media reports.

The deal for the property at 2505 Augustine Dr. ill give the company control of a large block of real estate at Bowers Avenue and Highway 101, according the Silicon Valley Business Journal. The seller is an an affiliate of San Francisco-based PSAI Realty Partners, and had paid $19.4 million, for the property in 2007.

The building is home to the UC Santa Cruz Extension Silicon Valley, which holds a lease until the end of 2019. Newport Beach-based Irvine wns every other legal parcel on the block, and it is engaged in the first phase of Santa Clara Square, a redevelopment of a portion of the block that includes about 600,000 square feet of office space and 125,000 square feet of retail.

Click Silicon Valley Business Journal to read the full story.