G
aines Investment Trust has acquired 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 from CBRE Investment Management, based in New York. The deal translates to $135 per square foot.
The brown hexagonal building, built in 1986, features a conference center, fitness center, and koi pond surrounded by 4.5 acres of landscaping. Notable tenants include Zillow and Jacobs. According to CBRE, Gaines secured a favorable price compared to recent sales in the area. For example, MGR Real Estate bought a nearby building for $53.7 million ($198 per square foot) in June.
Gaines Investment Trust, founded by Don Gaines in 1966, owns office buildings in Irvine and La Jolla, as well as industrial properties across five states and over 8,000 multifamily units in six states.
