Investors Pay $10.1 Mil for Cowan Building

IRVINE, CA-Irvine’s Cowan building has been acquired by a locally-based investment group for $10.1 million.

The property, which encompasses 61,366 sf, stands at 17771-17781 Cowan Ave. It was 100% leased at the time of sale.

The buyer, 71-81 Cowan Building LLC, was represented by Michael Rademaker of MGR Inc. The property was sold by Newport Beach-based Layton-Belling & Associates and its partner, AEW Capital Management. They were represented by Kevin Shannon, Bryon Ward and Jack McNutt of Grubb & Ellis.

The deal has occurred as Layton-Belling & Associates is building a new Irvine headquarters for Pacific Life & Annuity Co.’s Group Insurance Division for Southern California. Pacific Life & Annuity, a division of Pacific Life Insurance Co., has signed a 10-year lease to occupy the 135,000-sf building. The five-story facility is rising in Irvine’s Main Corporate Center.

Pacific will move approximately 450 employees, from the company’s Fountain Valley and Huntington Beach offices, to the new site. The move is slated for the end of 2002.