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.
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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.
