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Irvine Co. Snaps Up Palm Court Complex

IRVINE, CA-The 171,979-sf mixed-use Palm Court development is now under the ownership of Connecticut General Life Insurance. Financial terms of the acquisition were not disclosed officially, but brokers in the area say the transaction is worth about $35 million.

By Erin Cassin | Updated on May 13, 2001

IRVINE, CA-The Irvine Co. has snatched up the 171,979-sf mixed-use Palm Court complex in Irvine. Although financial terms of the deal have not been disclosed , brokers in the area say the transaction is worth about $35 million.

The complex consists of two, four-story office buildings that encompass 161,243 sf, as well as a one-story, 4,736-sf retail building. The mixed-use development is located at 15615-15635 Alton Parkway. It was 89% leased at time of sale, with tenants including WonderWare Corp., Lee & Associates, Johnson & Johnson and the Semantic Corp.

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