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10/28/24
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In news of a major office property trade in Orange County, the Ziggurat Building, a seven-story, 1 msf structure in Laguna Niguel, sold for $177 mil after a lengthy auction process that went on for months. The building, which is located just south of Hwy 73 at 24000 Avila Rd, comes with 91 acres of land, which accounts for much of the asset’s final price.
The building was sold by the U.S. General Services Administration through a soft auction process that opened back on June 5 with a minimum starting bid of $70 mil. Although the bidding was originally planned to close on July 31, the process allowed bidding to remain open if any new, higher bids in minimum increments of $300k came in within 24 hours of the previous bid. This went on for roughly four months until an unidentified bidder was just recently named the winner.
The structure, also known as the Chet Hollifield Building, was designed by William Pereira. It was constructed in 1971 for North American Aviation and has since been occupied by various federal agencies throughout recent decades.
It is believed that the buyer is likely to demolish the existing building. The property is viewed as a major redevelopment opportunity with studies showing it could feasibly contain 2,000 – 4,000 new homes.
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