Despite an ongoing global pandemic, Irvine’s corporate real estate sales have yet to skip a beat.

In fact, FivePoint and an East Coast real estate investment firm have secured a deal worth more than $500 a square foot.

Located in the Great Park Neighborhood Complex, the two buildings, which are the largest on the FivePoint Gateway campus —  660,900 square feet — are currently occupied by the computer chip manufacturer Broadcom Inc., and will be purchased by Washington, D.C.-based real estate investment firm PRP for $355 million.

Combined with the City of Hope building sale in May, the Irvine-based FivePoint Holdings has sold three of four buildings at the FivePoint Gateway Campus for a total of $463 million.

Looking closer at PRP, their website indicates the company “has acquired or built 4 million square feet of office, medical office, industrial, retail and data centers and nearly 4,000 units of multifamily, condominium and assisted living properties in 40 investments.”

Once closed in August, the sale will be Orange County’s largest office sale in three years.

However, it is the price-per-square-foot that will eventually go down in the county office acquisition history books.

The current tenant, Broadcom Inc., pays approximately $18 million annually in rent, which breaks down to about $2.34 per square foot, per month.

Still, a far cry from the $537 per square foot PRP will pay to purchase the two buildings with a combined footprint of more than 660,000 square feet.

The FivePoint Gateway is part of the company’s lineup of regional corporate campuses. Featuring sprawling square footage for retail, commercial office space and entertainment venues, with access to transportation around major metropolitan areas, specifically San Francisco and New Hall Ranch, in Valencia, California.

In May, City of Hope and FivePoint announced plans for a $1 billion Cancer Care Center, which will be outside of its headquarters in Pasadena, California.

Once completed, the cancer center will function as a research facility for Phase 1-3 clinical trials, which are known as the first control groups to receive new drug treatments, and help set the foundation for the research and successful treatment of certain diseases.

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