T
he Irvine Company is exiting Downtown San Diego, listing two office towers for sale as it shifts its focus to the University City area. The Newport Beach-based company, led by billionaire Donald Bren, has put 100 West Broadway and 225 Broadway on the market through Eastdil Secured. The buildings were purchased in 2005 for $265 million, or nearly $325 per square foot.

    The 20-story glass tower at 101 West Broadway contains 452,400 square feet, with tenants including Morgan Stanley and the U.S. Probation Office. The 22-story tower at 225 Broadway has 363,100 square feet, housing Federal Defenders of San Diego. Eastdil Secured Managing Director Adam Edwards said the buildings are "two of Downtown San Diego's most iconic office towers" and expect significant interest.

    The Irvine Company is selling its Downtown assets as it expands in University City, a hub for life sciences near UC San Diego. The area has over 550 science and technology companies and is expected to add nearly 30,000 homes and 72,000 jobs under a new development plan. Bren's company already has a significant presence in the area, with plans to grow its office and rental portfolio.

    The Irvine Company's decision to sell its Downtown San Diego properties comes after it sold the Symphony Towers building at 750 B Street to Taiwan-based Formosa for $45.7 million earlier this year. The sale set a new benchmark for office sales in the city, with a price of $86 per square foot.