IRVINE, CALIF. — A subsidiary of Five Point Holdings has obtained $339 million in financing for Five Point Gateway, a four-building office/R&D campus in Irvine. The campus is located at 15101, 15131, 15161 and 15191 Alton Parkway. It is part of the larger 72-acre Great Park Neighborhoods master-planned community in the Irvine Spectrum submarket.
The borrower is acquiring the assets through a partial sale-leaseback transaction with Broadcom Corp., the project’s developer. Broadcom plans to lease 15101 and 15191 Alton Parkway, which total 640,944 square feet (64 percent of the total portfolio) on a triple-net basis.
Tenants at the other two buildings include Lennar Corp. and Five Point. There is still 232,223 square feet available for lease. The campus will feature open park space with landscaping and extensive amenities.
HFF’s Kevin MacKenzie, Lee Redmond and Peter Thompson arranged the financing. Starwood Property Trust provided the five-year, floating-rate loan.