Five Point Holdings To Buy Back Broadcom Limited's Campus
Five Point Holdings is leading an investor group forking over $443M to buy back Broadcom Limited’s 73-acre campus in Great Park Neighborhoods near the San Diego Freeway and Irvine’s Transportation Center.
The campus will be renamed Five Point Gateway and includes around 1M SF across four buildings.
The campus is designed for thousands of employees and has office and research and development space, according to a filing with the Securities and Exchange Commission.
Broadcom will remain the largest tenant, leasing approximately 660K SF of research and development space. The company has a 20-year lease.
FivePoint will be the majority owner of the campus through its new company, Five Point Office Venture Holdings I LLC, which includes other members.
FivePoint and its largest shareholder, Lennar, will also be tenants on the campus. The remaining new office space, which adds up to about 230K SF, will be leased to other tenants.
FivePoint’s other venture, Heritage Fields El Toro LLC, is the master developer of Great Park Neighborhoods and originally sold the land to Broadcom two years ago while retaining a buy-back option.
Broadcom wanted to sell the campus after Broadcom Corp. and Avago Technologies merged to become Broadcom Limited.
HFF secured $339M in financing for Five Point Gateway, which is at 15101, 15131, 15161 and 15191 Alton Parkway.
FivePoint also is building houses — possibly as many as 1,000 — on land adjacent to the property, the Orange County Register reports.