May 27, 2016
Newport Beach, CA-based Irvine Company acquired four buildings in Sunnyvale, CA’s Peery Park for a reported $40 million from Menlo Park, CA-based Lane Partners. The buildings total roughly 74,000 square feet, and include 670 Almanor, 733 Palomar, 750 Palomar and 595 Pastoria.
Already the largest property owner in Peery Park, Irvine Co. plans to redevelop about two dozen parcels at the property into a 1.27 million-square-foot office campus. Currently, the sites encompass about 555,000 square feet of existing industrial space.
Peery Park is a more than 400-acre district that houses primarily older industrial buildings that have been targeted for redevelopment. The city envisions adding upwards of 2 million square feet of new office space, 200,000 square feet retail and 215 residential units as part of the proposed Peery Park Specific Plan.