The Irvine Company recently sold Symphony Towers for $45.7 million after acquiring it in 2003 for $134.3 million, highlighting significant shifts in the San Diego real estate market.
Joe Wen of Formosa Ltd. expressed optimism in acquiring Symphony Towers, stating, 'This acquisition provides an extraordinary opportunity for us to establish a foothold in one of San Diego's premier office locations,' despite prevailing market challenges.
Despite selling Symphony Towers, the Irvine Company still maintains a strong presence in San Diego with numerous properties, particularly in high-end markets like La Jolla.
The broader San Diego office market is facing challenges with overall leasing having fallen by 20 percent and vacancy rates rising to 14.7 percent.
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