Maguire Properties Acquires $151M Washington Mutual Campus

The property is a 16-acre campus of first class low-rise buildings and 2,610 spaces of underground and surface parking. It is close to the Park Place development along the San Diego Freeway near John Wayne Airport that Maguire Properties acquired recently, with extensive landscaping and water features, raised floor computer space, a cafeteria and a conference center. The site is entitled for a new 145,270-sf, five-story office building, for which plans are completed and fabricated structural steel is stored. Maguire says this will reduce construction costs and permit a prompt start when development is appropriate. The sale was brokered by a CB Richard Ellis team led by Ken Barry of the CB Anaheim office that represented the seller, with other team members including Bob Smith, Mike Kane and Karen Scholte of Newport Beach; Rick Warner of Anaheim; and Gary Danklefsen of Seattle.

Rob Maguire, chairman and co-CEO of the REIT, says the company sought the acquisition because it is close to Park Place and also because the extensive parking capacity at the Washington Mutual Campus can serve as off-site parking for Park Place, providing additional parking revenue for Maguire. Besides the Washington Mutual Campus, Maguire this year acquired the 1.7-million-sf Park Place office campus for $260 million and the nearby 105-acre Park Place mixed use development of office and retail space for $215 million.