The Newport Beach-based Irvine Co., which has been expanding its holdings and development activities in San Diego recently, now becomes the owner of 15 office buildings in the University Town Center area of La Jolla, one in Del Mar and one in Mission Valley. The portfolio is 89% occupied.

The Irvine Co.'s new assets include the Plaza at La Jolla Village, considered the premier complex of office properties in the University Town Center submarket. The six-building group, situated on 17 acres and comprising three towers plus three garden-style office buildings, includes the Northern Trust Tower, Pacifica Tower and Smith Barney Tower.

The Irvine Co. will assume management and leasing of the properties when the deal closes, which is expected within a month or two. Val Wheeler, president, the Irvine Company office properties, notes that the University Town Center business base has been expanding and that the market benefits from its proximity to the University of California, San Diego.

The Irvine Co., which already owns six large apartment complexes and some of Downtown San Diego's premier high-rise office buildings, is in the planning and architectural design phase for a new 34-story, 680,000-sf office tower at the corner of Pacific Highway and Broadway in Downtown San Diego. The company also owns mid-rise and campus-style office properties in the La Jolla and Sorrento Mesa areas. In the Irvine Co.'s acquisition of the EOP properties, Blackstone was represented by Eastdil Secured.