The owners of the Anaheim Ducks just bought an office tower next to the team’s home rink.
Henry and Susan Samueli paid CBRE Investment Management and CalSTRS $72.1 million for Stadium Tower, a 12-story office building at 2400 East Katella Avenue, according to Commercial Observer, citing The Registry. At 261,939 square feet, the couple paid about $275 per square foot in the deal. CBRE Global Investors and CalSTRS bought the tower in 2017 for $63.9 million.
Tenants at Stadium Tower include New York Life Insurance, financial planning firm Edelman Financial Engines, PBK Architects and law firm Czech & Howell. The tower is located between Angel Stadium and the Ducks’ Honda Center haunts.
The purchase is part of the Samuelis’ ongoing expansion plan in the area. The ambitious $4 billion megadevelopment, known as OCVibe, calls for 100 acres of multifamily buildings, two hotels, a 50,000-square-foot food hall, two live event venues and office and retail spaces, Forbes reported.
Last summer, the Samuelis dropped $64.5 million for a 2.4-acre industrial site near Stadium Tower that will serve as offices for OCVibe. The couple’s plans for Stadium Tower were not clear upon purchase.
The first phase of OCVibe, which includes the concert venue, commercial space and a park, is expected to open next year. Construction on the project’s final phase is planned to begin in 2029.
In addition to new developments, Henry Samueli is committing $1 billion to give the Honda Center a facelift to eventually match the surrounding OCVibe buildings. The investment, among the largest ever by a private individual for a public facility, will enable construction of a new five-story grand entrance, renovation of all suites, and new escalators and food options in the upper bowl. There’s also $65 million set aside for an expansion to 25 loading docks.
Henry and Susan Samueli bought the Anaheim Ducks from Disney in 2005 for an estimated $70 million. The team currently ranks 26th out of 32 on Forbes’ list of the NHL’s most valuable teams. — Chris Malone Méndez
Read more
Residential
Los Angeles
City cites wildfire risk, axes $500M resi project in Anaheim Hills
Residential
Los Angeles
Anaheim Ducks owners swap offices for homes at retail village