Greenlaw Partners Acquires Irvine Office Building For $57.5M

Greenlaw Partners has acquired a 13-story office building in Irvine, California, for $57.5 million. The property, located at 2050 Main Street, has a total area of 315,000 square feet. The purchase price equates to a price per square foot of $183. The building is part of the Irvine Concourse near John Wayne Airport and houses multiple tenants.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $57,500,000
• Address: 2050 Main Street, Irvine, California
• Market: Irvine
• Buyer: Greenlaw Partners
• Seller: AEW Capital Management
• Seller's Representative: Jeff Furber
• Square Footage: 315,000
• Price per Square Foot: $183

The sale of this office building represents a noteworthy decline in price compared to its previous sale in 2011. The property was sold for $108.5 million back then, making the recent sale price of $57.5 million a significant drop. Despite the price decrease, Greenlaw Partners saw an opportunity to acquire this asset in a prime location near the airport and secure a diverse range of tenants within the building.