The Wall Street Journal recently reported on the sale of Downey Savings & Loan’s former headquarters. Also known as Bayview Corporate Center, the property is located in Newport Beach, California. The buyer, an affiliate of the Salt Lake City, Utah-based S.K. Hart Management paid $52.9 million for the property. Purportedly, S.K. Hart closed on the building in an all cash transaction. Ironically, according to the WSJ report, Khosrow Semnani, the owner of S.K. Hart mentioned he bid more than $70 million for the same property when Downey had it listed for sale, prior to being taken over by the FDIC.
According to Real Capital Analytics, the property was approximately 23% occupied at the time of sale. Cushman & Wakefield represented the FDIC in the sale and CB Richard Ellis‘ Newport Beach office has been selected to represent S.K. Hart in leasing efforts to stabilize the property, as they are one of the largest, remaining tenants in the building.
Recent REO Sale by the FDIC
According to Real Capital Analytics, the property was approximately 23% occupied at the time of sale. Cushman & Wakefield represented the FDIC in the sale and CB Richard Ellis‘ Newport Beach office has been selected to represent S.K. Hart in leasing efforts to stabilize the property, as they are one of the largest, remaining tenants in the building.