Irvine Company Sells Final San Diego Office Tower for 60% Less Than 2006 Deal
The private investment firm has unloaded multiple Downtown San Diego office buildings for major discounts over the past 12 months
By Nick Trombola October 29, 2025 5:45 pm
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Donald Bren’s Irvine Company has traded its last office tower in Downtown San Diego at a major loss compared to its 2006 purchase price, capping the firm’s move to pivot out of San Diego’s office market.
Saca Development’s John and Payton Saca paid $120 million for One American Plaza, a 34-story office building at 600 West Broadway, according to The Real Deal. That’s less than half of the $300 million that Irvine Company spent to acquire the tower nearly two decades ago, per reports at the time.
Carolwood Estates’ Mick Partridge represented the buyers in the deal, while Eastdil Secured’s Adam Edwards represented Irvine. A spokesperson for Irvine and Payton Saca did not immediately respond to a request for comment.
The 650,000-square-foot One American Plaza was Irvine’s sole remaining office asset in Downtown San Diego, as the real estate titan divests from office and refocuses on its expansive mixed-use and multifamily business. In late 2024, Saca Development acquired Irvine’s 20-story tower at 101 West Broadway for $43.9 million, less than one-third of the $148.5 million Irvine acquired it for in 2005. The following month, Daniel Negari’s XYZ acquired Irvine’s 22-story tower at 225 Broadway for $48 million, or $8 million less than Irvine paid for it in 2005, records show.
In August, XYZ likewise acquired the 21-story building at 501 West Broadway for $69 million, less than half of the $150 million Irvine paid for in 2006, per reports at the time. Irvine also recently traded San Diego’s Wells Fargo Tower and Symphony Towers for major haircuts.
Irvine Company — already California’s largest apartment owner — is doubling down on housing. That includes development projects, such as a plan to build nearly 1,900 units at its Discovery Park campus in the company’s namesake city, or adaptive reuse, like its 700-unit conversion of office space at the MacArthur Court complex in Newport Beach.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
