$25M Office Sale Sets Inland Empire Record

ONTARIO, CA-CIP Real Estate of Irvine bought a 178,000-sf office building called Empire Towers I at 3633 Inland Empire Blvd. in Ontario from Lord Baltimore Capital Corp. of Baltimore, Md. that broker Phil Woodford of CB Richard Ellis says is the largest office sale ever in the Inland Empire.

Woodford, who represented both parties in the transaction, would not disclose the purchase price for the property. But knowledgeable sources pegged it at $25 million, which they said was clearly the largest price ever paid for a single building in the Inland Empire, which includes Riverside and San Bernardino counties.

The nine-story, class A office tower is on 8.2 acres within the Ontario Center, an office and retail project, and is 94% occupied by tenants that include Verizon, Liberty Mutual Insurance, GMAC, Mitsubishi Cement Corporation and City National Bank.