Broadcom Acquires Irvine Headquarters Campus
Why this matters
Commercial real estate continues to digest a multi-year reset in cost of capital. Transaction velocity is below the 2019-2021 trend but improving, cap rates have stabilized across most stabilized property types, and the bid-ask gap has narrowed materially in the past two quarters. Sponsors with permanent capital and operating platforms have an advantage in the current execution environment. Washington office has been a leading conversion market in the cycle, with multiple downtown Class B assets entering office-to-residential programs in the last twelve months. The next twelve months will continue to reward underwriting discipline and operational sophistication over balance-sheet aggression.
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On the RET wire
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Computed from Real Estate Trail’s own tracked coverage
PRP Real Assets, a privately held real estate investment and management company headquartered in Washington, DC, has sold the Broadcom Corporate Campus in Irvine. Broadcom acquired the property from PRP for $325 milli…
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