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California  + Orange County  + Office  | 

PRP Acquires Broadcom HQ in Irvine for $355M

Washington, DC-based PRP completed the previously announced acquisition of Broadcom, Inc.’s SoCal headquarters, a two building, 660,893-square-foot office complex in Irvine built in 2017. PRP’s $355-million acquisition represents the largest sale in Orange County since 2017.

Located at 15101 and 15191 Alton Parkway, the five-story buildings are 100% leased to Broadcom with 17 years of lease term remaining. The Broadcom HQ sits within the Five Point Gateway Campus and is adjacent to the $1-billion City of Hope’s future cancer research facility and hospital complex. The Broadcom facility consists of 25% lab space and 75% office space.

PRP’s Paul C. Dougherty says, “We are thrilled to acquire these trophy buildings leased by Broadcom and have such a great company in our roster of investment-grade tenants.”

The Broadcom acquisition is the first investment by PRP’s Corporate Net Lease General Partner Fund. The seller was Five Point Holdings’ JV, Gateway Venture. Eastdil Secured brokered the sale.

For comments, questions or concerns, please contact Dennis Kaiser

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About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

  • ◦Sale/Acquisition
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