TPG Angelo Gordon And Lennar Acquire Von Karman Creative Campus In Irvine For $232.1M

The Von Karman Creative Campus, spanning 24 acres in Irvine's Irvine Business Complex, was sold for $232.1 million. This property encompasses 433,000 square feet and has been transacted at a price per square foot of $536. The sale took place on the addresses 16969 Von Karman Avenue & 2121 Alton Parkway in the Irvine market.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $232,100,000
• Square Footage: 433,000
• Price Per Square Foot: $536
• Buyer: Adam Schwartz - TPG Angelo Gordon; Essential Housing Asset Management; Stuart Miller - Lennar
• Seller: Mohannad S. Malas - IRA Capital
• Acquisition Date: 02/10/2026
• Acreage: 24

A joint venture comprising TPG Angelo Gordon and Lennar affiliate Essential Housing Asset Management is involved in the acquisition. The site will be redeveloped into 426 for-sale homes, replacing the existing office campus and highlighting the growing shift towards residential development in the area, as indicated by the previous purchase price of approximately $102.4 million by IRA Capital in 2023.