Partnership Buys 9 Office Buildings
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A partnership that includes a Newport Beach company has completed its acquisition of nine office buildings in Orange County for $160 million from Shuwa Investments Co., a Japanese-owned real estate company that is liquidating its U.S. portfolio.
The partnership, which includes Newport Beach-based Layton-Belling & Associates, purchased 1.4 million square feet of office space, including the 12-story Taco Bell building in Irvine. LBA, a real estate investment and management company, said it will upgrade some properties in the portfolio, which includes buildings in Newport Beach, Costa Mesa and Irvine.
The portfolio also includes an office building, research and development structure and 8.6 acres of land in Cypress.
Layton-Belling’s partner in the deal is AEW Capital Management of Boston.
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