Bisnow's market sources tell us Irvine Co is getting ready to buy Legacy Partners' Tech Park at Freedom Circle. And Legacy made out like bandits on the flip.
The trade comes less than two years after Legacy shelled out about $100M to buy the 12-building site, which consists of 427k SF. Irvine and its chair, Donald Bren--the richest man in US real estate--have been dropping some serious dough in Silicon Valley as of late, include a big deal in Sunnyvale (details later). Our sources are still waiting on details about this Santa Clara sale, but they are hearing pricing is likely more than $300/SF. If that's accurate, Legacy would make a cool $28M profit.
The park consists of single- and two-story office buildings at 2518-2560 Mission College Blvd and 3910-3990 Freedom Circle. It's just the latest in a flurry of buys from Irvine, which is continuing to bolster its portfolio near Levi's Stadium. It also picked up the 31-acre Park Square office park in 2013.
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