FDIC sells former Downey Savings headquarters in Newport Beach

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Bayview Corporate Center in Newport Beach, the former headquarters of Downey Savings & Loan, has been purchased for more than $50 million by a Salt Lake City investor.

S.K. Hart Properties said today that it had purchased the 332,000-square-foot property at the intersection of Jamboree Road and MacArthur Boulevard from the Federal Deposit Insurance Corp. The FDIC took over Downey Savings late last year after the thrift was weakened by bad mortgage loans it made during the housing bubble.

The acquisition marks S.K. Hart Properties’ entry into the Orange County commercial real estate market. S.K. Hart, which is also a property manager, has other holdings in Southern California and Utah.
Bayview Corporate Center consists of two six-story towers clad in red granite and connected by a three-story atrium. It includes a five-level parking structure.

-- Roger Vincent