SANTA CLARA, CA—The Irvine Co. hasacquired a 63,000-square-foot building here for $35.75million, according to local media reports.
The deal for the property at 2505 AugustineDr. ill give the company control of a large block ofreal estate at Bowers Avenue and Highway 101, according theSilicon Valley Business Journal. The seller is an anaffiliate of San Francisco-based PSAI RealtyPartners, and had paid $19.4 million, forthe property in 2007.
The building is home to the UC Santa Cruz ExtensionSilicon Valley, which holds a lease until the end of 2019.Newport Beach-based Irvine wns every other legal parcel on theblock, and it is engaged in the first phase of Santa ClaraSquare, a redevelopment of a portion of the block thatincludes about 600,000 square feet of office space and 125,000square feet of retail.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
