Trizec Properties is acquiring a Southern California portfolio made up of 13 properties, totaling 4.1 mission square feet, as well as several development land parcels for $1.63 billion from Arden Realty.
Both the office and land purchases are expected to close by mid-2006.
The portfolio is concentrated in West Los Angeles, with 10 properties totaling 2.7 million square feet, and in San Diego, with three properties totaling 1.4 million square feet. The properties include the Howard Hughes Center, Westwood Center and World Savings Center in West Los Angeles, and Arden Towers at Sorrento and 701 B Street in San Diego.
The transaction is a continuation of Trizec’s capital recycling program, which began with the acquisition of Bank of American Plaza in downtown Los Angeles. Acquisitions in the program have been going on for the last year and a half and total $2.8 billion.
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