LBA Realty sold a Class A office campus in Irvine that is leased to Ford Motor Company.
Taiwan-based Skyline Group International paid $159 million for Glen Bell Way, according to the Commercial Observer.
The campus has 273,180 leasable square feet across a five-story office building and a research and development building. There is also a four-level parking garage.
The property is entitled for another 91,500 square feet of new development.
LBA Realty, based in Irvine, bought the campus in 2018 for $104 million.
Yum! Brands — operator of several fast food chains, including KFC and Taco Bell — has Taco Bell’s headquarters at Glen Bell Way. Taco Bell has been in Irvine for more than four decades and at Glen Bell Way since 2009, according to the Orange County Register. Its lease expires in 2030.
Newmark’s Kevin Shannon and Paul Jones, among others, represented LBA Realty in the deal. Colleague Alex Foshay sourced Skyline Group.
Irvine is a central office market in Orange County. The city recently set a goal to make the city economy carbon neutral by the end of the decade. The measure focuses on buildings, which account for 56 percent of the city’s greenhouse gas emissions.
[CO] — Dennis Lynch