Irvine Co. Buys Land for 2 Major Products

Making its biggest development push yet outside of Orange County, Irvine Co. said it has purchased land for two large office and industrial projects in San Diego County and Silicon Valley that will cost about $70 million. The company said it had purchased 21 acres in the Eastgate Technology Park in La Jolla, where it plans to build eight two-story buildings totaling 400,000 square feet. It also has purchased 7 acres of land in Milpitas, where it plans to build two three-story office buildings totaling 122,000 square feet. The purchases mirror recent acquisitions made by Irvine Apartment Communities. Since early last year, both companies have been trying to expand into other California cities with strong economies, targeting high-tech centers near research universities--areas company executives believe will become new “entrepreneurial hot spots” because of their large pool of highly educated graduates.