Irvine Co. buys Pacific Arts Plaza

COSTA MESA — The Irvine Co. has expanded into the Orange County Theater & Arts District with the acquisition of the Pacific Arts Plaza, company officials announced last week.

The Pacific Arts Plaza, an 827,000-square-foot property, has four office buildings and four restaurants, including Mastro’s Steakhouse and TGI Friday’s, at 611 Anton Blvd., 675 Anton Blvd., 3200 Park Center and 3200 Bristol St.

With the addition of Pacific Arts Plaza property, the Newport Beach-based company says it now has a meaningful presence of all four Class-A office markets in Orange County. The others are the Newport Center, Airport Area and Irvine Spectrum, as well as an immediate 10% market share in the Orange County Theater & Arts District office sub-market, according to a news release.

“The project is complementary to our existing portfolio and offers prospective customers and current clients greater geographic diversity within the Irvine Co. Office Properties portfolio,” Doug Holte, president of Irvine Co. Office Properties, said in a news release.

Plans for the property include improvement of on-site amenities, customer-floor common-area enhancements, upgrades to operating systems and a unification of exterior landscape design and outdoor workspaces to begin in 2011.

“We intend to utilize our extensive reinvestment expertise to enhance a remarkable office location and create an exceptional customer experience,” Holte said.

Sarah Peters