Irvine Company unloads more offices in San Diego at basement prices
Briefly

Irvine Company unloads more offices in San Diego at basement prices
"Irvine Company sold the Wells Fargo Plaza for $40 million, a significant loss compared to the $148.3 million it paid in 2004."
"The Prebys Foundation's purchase signifies a strategic investment in downtown San Diego, focusing on business, arts, and community engagement."
"Irvine Company's divestment trend in San Diego includes the recent sale of Symphony Towers, underscoring a significant reduction in property values."
"The Wells Fargo Plaza, sold at $82 per square foot, highlights the drastic drop in the San Diego commercial real estate market."
Irvine Company sold the Wells Fargo Plaza in San Diego to the Prebys Foundation for $40 million, a notable loss from the $148.3 million purchase in 2004. This sale reflects a larger strategy of Irvine Company to divest its San Diego properties, including other significant sales like Symphony Towers. The recent sale price of $82 per square foot marks a stark contrast to previous valuations, indicating a declining trend in the area's commercial real estate. The Prebys Foundation aims to foster downtown San Diego as a vibrant economic and cultural hub through this investment.
Read at therealdeal.com
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