Pacific Life Insurance wants to shed a 243,000-square-foot vacant office building in South Orange County for $80.1 million.
The 155-year-old Newport Beach-based company has listed the nine-story building at 45 Enterprise, the Orange County Business Journal reported.
The building was built in 2008 for Pacific Life in the Summit Office Campus. The insurance giant moved its operations during the pandemic to its 350,000-square-foot headquarters next to Fashion Island.
It plans to sell the Aliso Viejo building “due to the merger of our life and annuity business,” according to a company statement to the Business Journal.
Newmark holds the listing for the 242,700 square-foot office tower next to the 73 Freeway, with parking for 1,120 cars. Unidentified sources told the Business Journal that PacLife seeks $80.1 million. That comes out to $330 per square foot, according to Loopnet.
Firms seeking offices larger than 100,000 square feet in Orange County are few, according to the newspaper. Recent office sales in the market were below $200 per square foot.
Brokers tell the Business Journal that a buyer could be a life science company hoping to move up from San Diego.
Pacific Life bought the 5.5-acre site in 2007 for $15 million. It commissioned Parker Properties to develop the offices, the tallest at the Summit campus. The insurance firm renovated the Class A facility last year with upgrades to the unused executive floors.
Recent office deals in OC include Finfare’s purchase of a 71,000-square-foot office building at 17900 Von Karman in Irvine for $16.9 million, or $238 per square foot. The empty building had been on the market for three years, according to the Business Journal.
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— Dana Bartholomew