Foxfield LLC, in partnership with IRA Capital, has sold the Von Karman Creative Campus, a 25-acre site in Irvine, California, to Lennar Corporation. Reportedly one of Orange County’s largest recent land sales at $232 million, the transaction marks the conclusion of a multi-year redevelopment and entitlement effort to transform an aging office campus into a fully entitled residential development opportunity.

The project was guided by a long-standing partnership between Foxfield and IRA Capital and involved extensive collaboration with the City of Irvine. Originally comprised of nine office buildings and multiple tenants, the site required a coordinated strategy encompassing tenant transitions, entitlement planning and community engagement.

“The Von Karman Creative Campus is an example of what can be achieved through collaboration, disciplined execution, and a shared long-term vision,” said Mark Tang, managing director and head of development and construction at Foxfield. “We are grateful to our partners at IRA Capital, the City of Irvine and Lennar for their professionalism and commitment throughout the process.”