July 2, 2020 Comments Off on Five Point Divests Irvine R&D Buildings for $355M Views: 688 California News, Orange County

Five Point Divests Irvine R&D Buildings for $355M

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Five Point Holdings’ JV, Gateway Venture, sold two buildings in the FivePoint Gateway campus in Irvine to Washington, DC-based PRP REI, LLC for $355 million. The assets comprise a total of roughly 660,000 square feet of research and development space that’s currently leased by a subsidiary of Broadcom Inc.

Five Point owns a 75% interest in the Gateway Venture. The sale is anticipated to close in August 2020.

The campus is part of FivePoint’s Great Park community in Irvine. The Five Point Gateway Campus currently includes four buildings totaling roughly one million square feet of space. That includes research and development space, office space, and the out-patient cancer center planned for one of the buildings City of Hope recently acquired from the Gateway Venture. Earlier this year, Five Point sold a building and 11 acres to City of Hope for $108 million with plans to develop a $1-billion cancer facility.

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