Richest U.S. Real Estate Developer Sells San Diego Tower for $86 Per Square Foot
San Diego, CA – September 5, 2024 – The Irvine Company, led by billionaire Donald Bren, has sold Symphony Towers, one of downtown San Diego’s iconic properties, for $45.7 million, marking a significant real estate transaction in the city. The sale, which equates to approximately $86 per square foot, was finalized just weeks after Bren doubled down on a major property in Chicago’s skyline.
The 34-floor, 530,000-square-foot tower, located at 750 B Street, was purchased by Taiwan-based conglomerate Formosa Ltd., according to public records reported by The Registry Southern California Real Estate.
The Irvine Company had originally acquired the property, which houses the San Diego Symphony Orchestra, in 2003 for $134.3 million, or about $243 per square foot. At the time, the purchase was part of Bren’s broader strategy to expand his company’s portfolio beyond its Orange County base, adding significant properties in markets like San Diego, Silicon Valley, Los Angeles, Chicago, and New York.
Despite inquiries regarding the sale price, the Irvine Company did not provide specific details but referred back to a company statement issued earlier this year when the property was first listed for sale.
Donald Bren, whose net worth is estimated at $18 billion according to the Orange County Business Journal, remains the wealthiest real estate developer in the United States. The sale of Symphony Towers marks the latest shift in Bren‘s strategic portfolio, as his company continues to focus on high-profile real estate ventures across the country.
