Irvine Company sold its last downtown San Diego office tower at a loss.
The company, owned by the country’s richest developer Donald Bren, sold One American Plaza, a 34-story building at 600 West Broadway, for $120 million. John and his daughter Payton Saca are the buyers.
The Southern California behemoth paid about $300 million for the 650,000-square-foot property almost two decades ago, the Orange County Business Journal reported then. Irvine Company did not comment on the deal.
Carolwood Estates’ Mick Partridge represented the buyers; Eastdil Secured’s Adam Edwards represented the seller.
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Story courtesy of The Real Deal
