Pacific Life Insurance is looking to sell a vacant 243,000-square-foot 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, According to the Orange County Business Journal.
The building was constructed in 2008 for Pacific Life in the Summit office park. The insurance giant moved its operations to a 350,000-square-foot headquarters next to Fashion Island during the pandemic.
The company plans to sell the Aliso Viejo building “as a result of the merger of our life and annuity businesses,” according to a company statement to Business Journal.
Newmark has listing rights for 242,700 square feet of office space off Highway 73 with parking for 1,120 vehicles. Unidentified sources told Business Journal that PacLife was seeking $80.1 million.turn out $330 per square footAccording to Loopnet.
Few companies are seeking offices larger than 100,000 square feet in Orange County, the newspaper reported. Office sales have recently been on the market below $200 per square foot.
Brokers told Business Journal that the buyer could be a life sciences company looking to relocate from San Diego.
Pacific Life bought the 5.5-acre property in 2007 for $15 million. It commissioned the Parker Property Development Office, the tallest office in the Summit Park. The insurer refurbished the Class A facility last year and upgraded an unused executive floor.
OC’s most recent office transactions 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 vacant building has been on the market for three years, The Business Journal reported.
— Dana Bartholomew