Broadcom has purchased the Irvine office compound it previously rented, paying former landlord PRP Real Assets $325 million for the 660,000-square-foot research campus near the junction of the 5 and 405 freeways. The deal ranks among the largest office sales in Southern California in recent years and marks a reacquisition for Broadcom, which developed the property as an office and research-and-development complex before selling the campus for roughly $443 million in 2017 and agreeing to lease it for 20 years. PRP acquired the campus for $355 million in 2020. The campus consists of two five-story office buildings at 15101 and 15191 Alton Parkway, completed in 2017 and 2018 and designed to be Broadcom's corporate headquarters with significant research-and-development capabilities. Broadcom, now based in Palo Alto, is one of the world's largest semiconductor and infrastructure software companies, and through acquisitions has assembled a portfolio of 17 owned properties totaling more than 2.2 million square feet, according to CoStar data. Companies occupying their own buildings accounted for 34% of Orange County office sales volume over the past year, compared with a five-year average of 24%, CoStar said.
Broadcom IncBroadcom reacquires its former Irvine R&D campus for $325M, a real-estate capital transaction.
CoStar Group IncPRP Real Assets sells the Irvine campus to Broadcom for $325M, realizing a property disposition.
