Irvine Company’s office towers at 225 Broadway and 101 West Broadway are for sale. The towers bookend the mid-rise Spreckles Building and are pictured here before the redevelopment of Horton Plaza. A Southern California real estate behemoth wants to offload two more of its downtown San Diego office buildings as it focuses its attention on development opportunities further north in University City.
Orange County-based Irvine Company is a privately owned real estate company with a substantial portfolio of office, apartment and retail assets in the Southern California market. Built in 1984, the 20-story office tower at 101 West Broadway, which is just west of the historic Spreckles Building, includes 452,436 square feet of office space and ground-floor retail space, according to real estate tracker CoStar. The building is 76.6 percent leased and its largest tenant is Morgan Stanley, which occupies around 30,000 square feet of space, or one full floor and one half floor. Chipotle is on the ground floor.
Richard Gonor, an executive with Jones Lange LaSalle who specializes in office leasing, said Irvine Company’s Broadway buildings will remain popular with law firms and legal services companies given their proximity to courthouses. But office tenants are gravitating to newer buildings in the market, he said.