Gaines Investment Trust has bought a 16-story office building in Irvine for $42 million.
The La Jolla-based investor purchased the 311,000-square-foot property at 2600 Michelson Drive, the Orange County Business Journal reported. The seller was CBRE Investment Management, based in New York.
The deal works out to $135 per square foot.
What CBRE paid for the building, and when, was not disclosed.
Brokers Anthony DeLorenzo, Todd Tydlaska, Sean Sullivan, Sammy Cemo, Bryan Johnson and Grant Goldman of CBRE Investment Properties represented the seller.
The brown hexagonal building, built in 1986 east of John Wayne Airport, contains a conference center, fitness center, concierge and a koi pond surrounded by 4.5 acres of landscaping, according to CBRE.
Tenants include Zillow and Jacobs.
Comparable sales show Gaines left the transaction with a bargain by Irvine standards. In June, MGR Real Estate bought the building at 2020 Main Street for $53.7 million, or $198 per square foot. In September, the City of Irvine bought an office building at 17101 Armstrong Avenue for use by government agencies. It paid $13 million, or $227 per square foot.
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Gaines Investment Trust, founded in 1966 by Don Gaines, owns office buildings in Irvine, La Jolla and Wisconsin; industrial properties in five states; and more than 8,000 multifamily units in six states, according to its website.