Broadcom Reacquires Irvine Research Campus for $325 Million

Broadcom has reacquired its 660,000-square-foot research campus in Irvine, California, for $325 million from PRP Real Assets. This transaction is one of Southern California's largest recent office sales. Broadcom originally developed the complex, selling it in 2017 and leasing it back, before PRP Real Assets purchased it in 2020.

The campus, at 15101 and 15191 Alton Parkway, consists of two five-story office buildings completed between 2017 and 2018. Originally designed as Broadcom's corporate headquarters with significant R&D capabilities, this acquisition allows the Palo Alto-based company to take direct control of a critical operational asset.

According to CoStar, this move aligns with a broader trend of companies buying their occupied buildings in Orange County and Los Angeles as office values bottom out. Occupier-led purchases accounted for 34% of Orange County office sales volume over the past year, up from a five-year average of 24%, indicating corporate users are leveraging current market valuations for long-term operational stability through direct ownership, impacting future leasing and investment strategies.