U.S. General Services Administration Acquires Chet Holifield Federal Office Building In Laguna Niguel For $177M

The property involved in this transaction is the Chet Holifield Federal Office Building, commonly known as the Ziggurat, located at 24000 Avila Road, Laguna Niguel. The asset type is office with a total square footage of 1,000,000. The sale was completed for a total amount of $177,000,000, resulting in a price per square foot of $177.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $177,000,000
• Sale Date: 10/25/2024
• Buyer: U.S. General Services Administration (GSA)
• Address: 24000 Avila Road
• Market: Laguna Niguel
• Square Footage: 1,000,000
• Price per Square Foot: $177

The transaction followed a four-month auction conducted by the U.S. General Services Administration. The investor, identified as “Bidder,” successfully acquired the property, and the removal of preservation restrictions is likely to facilitate future redevelopment, potentially allowing for the construction of 2,000 to 4,000 homes, based on a 2022 Urban Land Institute study.