PRP Real Assets Sells Broadcom Corporate Campus in Irvine for $325 Million
WASHINGTON, D.C. — PRP Real Assets has sold the Broadcom Corporate Campus in Irvine, California to Broadcom for $325 million, the Washington, D.C.-based real estate investment and management firm announced. The transaction closed September 4, 2026, with Broadcom acquiring the two-building office and research-and-development campus it has occupied as its Southern California corporate headquarters.
Campus Details and Transaction Terms
The Broadcom Corporate Campus comprises two five-story office buildings at 15101 and 15191 Alton Parkway, totaling 660,893 square feet. Completed in 2017 and 2018 and designed by Gensler specifically to serve as Broadcom's corporate headquarters with significant research-and-development capabilities, the campus sits on a 9.6-acre site and includes 2,989 parking spaces. At the transaction price, the deal implies approximately $492 per square foot.
The property is located in Irvine's Spectrum Triangle within the Irvine Spectrum District, near Interstates 5 and 405 and State Route 133. The campus benefits from proximity to the Irvine Spectrum Center and the Irvine train station, as well as nearby retail, dining, and hotel amenities.
Broadcom has leased the campus on a long-term triple-net basis since delivery, with the lease running to 2037. The buildings have been 100% leased to Broadcom throughout PRP Real Assets' ownership period. Broadcom has subleased 21,464 square feet at 15101 Alton Parkway to Omega Accounting Solutions.
PRP Real Assets' Investment History on the Asset
PRP Real Assets acquired the 660,893-square-foot headquarters through its Corporate Net Lease General Partner Fund in 2020 for $355 million — approximately $537 per square foot — at which point Broadcom's lease had 17 years remaining on a triple-net basis. The 2026 sale to Broadcom at $325 million represents a roughly 8.5% nominal discount to that acquisition price, reflecting the higher interest rate and lower liquidity environment that has weighed broadly on the U.S. office market since PRP's purchase.
The two Alton Parkway buildings are part of the broader FivePoint Gateway campus in Irvine's Great Park Neighborhoods, originally planned as a four-building, approximately one-million-square-foot office and R&D development. The wider campus was acquired by an investor group led by Five Point Holdings LLC in 2017–2018 for $443 million before PRP Real Assets purchased the two Broadcom-occupied headquarters buildings separately in 2020.
PRP Real Assets' Mission-Critical Net Lease Strategy
"Broadcom's decision to acquire the campus underscores the property's importance to the company's operations and validates the principles behind our Mission-Critical Net Lease strategy," said Paul C. Dougherty, President of PRP Real Assets. "The campus combines a high-quality asset, a strong tenant and an irreplaceable location in one of the nation's leading technology markets. We are pleased to have delivered an excellent outcome for our investors and appreciate Broadcom's collaborative approach throughout the transaction."
The transaction represents a full-cycle exit for PRP Real Assets on the asset, with Broadcom transitioning from triple-net tenant to owner-occupier. The deal underscores the continued demand for mission-critical, single-tenant office and R&D properties in established technology submarkets even as broader office market conditions remain under pressure across the United States.
About PRP Real Assets
PRP Real Assets is a national real estate investment management and development firm focused on three verticals: Mission Critical Assets, Multifamily, and Thematic Special Situation Investments. Founded in 2005, the firm has acquired more than $6 billion in real estate investments on behalf of institutional investors, family offices, and financial institutions. PRP Real Assets operates as a vertically integrated platform with in-house capabilities spanning investment management, development, construction, property management, and asset management.
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