Monday, June 29, 2020
(Orange County Business Journal)
PRP Real Estate Investment Management, a Washington, D.C.-based real estate investor-backed in part by overseas funding partners, plans to buy the two largest buildings at Irvine’s FivePoint Gateway office campus.
PRP is under contract to purchase the two buildings, which are occupied by chipmaker Broadcom Inc. under a long-term lease running until 2037, for $355 million.
PRP and Irvine’s FivePoint Holdings LLC, which leads the investor group that currently owns the buildings, confirmed a deal was in place late last week.
The deal, expected to close in mid-August, will be the largest office sale in Orange County in three years.
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