Joe C. Wen's Formosa Ltd Acquires One Pacific Plaza Office Campus In Huntington Beach For $42M

Formosa Ltd, owned by founder Joe C. Wen, has acquired a 394,000-square-foot office campus in Huntington Beach for $42 million. The property, known as One Pacific Plaza, was sold by Pendulum Property Partners and an Ares Management affiliate. This sale marks a significant drop in value, as the property was previously bought for $124.5 million in 2018, translating to $107 per square foot.

Summary of transaction details

• Property Type: Office
• Transaction Amount: $42,000,000
• Square Footage: 394,000
• Address: 7711, 7755 & 7777 Center Avenue, Huntington Beach
• Market: Huntington Beach
• Buyer: Joe C. Wen - Formosa Ltd
• Seller: Pendulum Property Partners - Kevin Hayes; Ares Management - Michael Arougheti
• Broker: Paul Jones - Newmark

The acquisition by Formosa Ltd signifies a 66% decline in the property's value over the past five years. Despite the drop in value, this purchase presents a new opportunity for Formosa Ltd, allowing them to expand their presence in the Huntington Beach market.