San Diego Business Journal

Irvine Co. Buys Mission Valley Office Tower for $52M

By Lou Hirsh Tuesday, July 17, 2012

The Irvine Co. of Newport Beach has purchased the 13-story Centerside I office building in Mission Valley for $52 million, according to CoStar Group.

The 202,913-square-foot building, at 311 Camino Del Rio North, was built on 5.94 acres in 1982 and was just over 96 percent leased at the time the deal closed on July 3. The seller was Teachers Insurance & Annuity Association of America, also of Newport Beach.

The seller was represented by the brokerage firm Jones Lang LaSalle, and Irvine Co. represented itself. The building last sold for $65 million in 2004.

The building’s tenants include United Health Services Inc., the Darin J. Boles and Associates law firm, and virtual office services provider Regus.

Irvine Co. is among the largest owners of San Diego County office real estate, with properties totaling more than 7.4 million square feet. Its holdings include Centerside II, an office tower located in the same Mission Valley complex as its latest acquisition.