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Tuesday, Jun 6, 2023

PS Business Parks Divests Irvine Office Complex

PS Business Parks Inc. has sold the Corporate Pointe Business Park in Orange County. The Glendale real estate investment trust said the sale will yield about $41.7 million after transaction costs are deducted. The company previously announced it had 705,000 square feet of rentable office space for sale in Orange County, including Corporate Pointe. The park consists of five multi-tenant office buildings with about 160,000 square feet. It was 97.6 percent leased at the time of sale. The park is located at 1 Corporate Park in Irvine. Shares of PS Business Parks Inc. (PSB) closed Thursday down 16 cents, or less than a percent, to $114.47 on the New York Stock Exchange.

Joel Russel
Joel Russel
Joel Russell joined the Los Angeles Business Journal in 2006 as a reporter. He transferred to sister publication San Fernando Valley Business Journal in 2012 as managing editor. Since he assumed the position of editor in 2015, the Business Journal has been recognized four times as the best small-circulation tabloid business publication in the country by the Alliance of Area Business Publishers. Previously, he worked as senior editor at Hispanic Business magazine and editor of Business Mexico.

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