Newport Center Office Complex to Change Hands

ORANGE COUNTY, CA-According to real estate sources, the Newport Center office complex, which houses the headquarters of Pacific Investment Management Co. and others, is changing hands. Irvine Company is seen as a likely buyer of Pacific Financial Plaza, a three-building, 280,000-square-foot complex.

Market watchers have said that the deal could run approximately $125 million or about $400 to $500 per square foot. The California State Teachers’ Retirement System owns the complex, while Thomas Properties Group Inc. is seeing to the management. For the full story, go to Orange County Business Journal.

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