MicroVention Terumo pays $44M for office building in Aliso Viejo

MicroVention Terumo has bought an office building in Aliso Viejo for $44 million, or 45 percent less than its asking price.

The locally based medical device maker picked up the nine-story, 242,700-square-foot building at 45 Enterprise, in south OC, the Orange County Business Journal reported. 

The seller was Pacific Life Insurance, based in Newport Beach, which vacated the property during the pandemic during a shift to remote work. The price works out to $181 per square foot.

Pacific Life bought the building in 2007 for $15 million, or $62 per square foot.  It initially listed it for $63.8 million, or $263 per square foot.

Orange County offices, before office demand fell during the pandemic, typically traded for around $300 per square foot, unidentified real estate sources told the Business Journal.

The property, part of the 16-building Summit Office Campus, was built in 2008 next to the current headquarters for MicroVention Terumo at 35 Enterprise, off the 73 Freeway.

MicroVention Terumo, a unit of Terumo, based in Japan, makes catheters that treat strokes. Of its 1,250 workers, 20 percent were hired over the past year.

The firm expects to begin occupying its new building this fall, after cosmetic upgrades to the property.

The building’s whale statue, an homage to the Pacific Life logo, will remain, as state law prohibits the removal of such art pieces. 

“It’s beautiful and it isn’t going anywhere,” MicroVention CEO Carsten Schroeder told the Business Journal. 

— Dana Bartholomew

Read more

Commercial

Los Angeles

Acore Capital wins auction for OC office complex with $70M bid

Commercial

Los Angeles

PacLife lists 243K sf office building in Aliso Viejo for $80M

Commercial

Los Angeles

Harbor and Singerman revamp 20-year-old offices in Aliso Viejo