An investor group led by Five Point Holdings has acquired Broadcom’s 73-acre corporate campus in Irvine, Calif., for $443 million.
The property will be renamed Five Point Gateway. It consists of approximately 1 million square feet of planned research and development and office space across four buildings. Broadcom will remain the largest tenant, leasing approximately 660,000 square feet of research and development space pursuant to a 20-year lease.
Five Point will be the majority owner of the campus through a new company called Five Point Office Venture Holdings I that also includes additional members, both of whom are affiliates of existing partners of Five Point in its Great Park Venture.
Five Point’s other venture, which is the master developer of Great Park Neighborhoods, originally sold the land to Broadcom in 2015 but retained a buy-back option on the site, which is located at the southeast corner of Great Park Neighborhoods near the San Diego Freeway and Irvine’s Transportation Center. Broadcom elected to sell the campus after the merger of Broadcom Corp. and Avago Technologies, thereafter becoming known as Broadcom Limited.
In addition to Broadcom, both Five Point and its largest shareholder, homebuilder Lennar, will be tenants on the campus. The balance of new office space — about 230,000 square feet — will be leased to other tenants.
