Pyramid for Sale: Bids start at $70M for federal building in California
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LAGUNA NIGUEL, Calif. (DC News Now) — The U.S. General Services Administration (GSA) has a prime piece of real estate for the right buyer…as long as the buyer is up for a starting bid of $70 million.
For your consideration: the historic Chet Holifield Federal Building in Orange County, Calif. According to the GSA’s website, the building, which many people also call the “Ziggurat Building” because of its step-like pyramid resemblance, was designed by William L. Pereira, the architect of the Transamerica Pyramid in San Francisco.
The 89-acre property is being sold through an online auction, which begins on June 5, 2024. Each bidder has to submit a bid registration of $200,000. (Remember, the bidding, itself, starts at $70 million).
The description in the listing says, in part:
The property is improved with over 1 million square feet of space in the pyramid-shaped Ziggurat building on the main (88 +/- acre) parcel which includes a services support building, fleet area and service yard, 2 guard houses, and 4,777 parking spaces. The secondary (1 +/- acre) central utility plant parcel supports the property’s infrastructure including a detached chiller plant, water cooling tower, and above-ground thermal energy storage tank.
The property’s size and access offer a unique development opportunity as one of the largest land parcels available in the market within highly desired South Orange County. Surrounding uses include a mix of retail, small office, and residential uses. Major employers within one mile of the property include Costco, Walmart, Home Depot, and Kohl’s.
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The City of Laguna Niguel noted on its website that there are about 3,000 federal employees who work at the site and who will be relocated by Dec. 31, 2024. The website also provides a history of the building and property, including their development and construction in the late 1960s and early 1970s.
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