Banc of California in Irvine has agreed to buy a Santa Ana office building for $77 million for its headquarters.
The $6.4 billion-asset Banc of California will pay cash to acquire the 3 Imperial Promenade building, from a fund affiliated with TA Associates Realty in Boston. The deal is expected to close on Nov. 11, according to a news release Friday.
Banc of California will consolidate employees from several leased locations in Orange County at the Santa Ana building. Its headquarters is currently located on Von Karman Avenue in Irvine.
"The consolidation of our employees into a central location will facilitate greater collaboration across the organization and leverage operating efficiencies, while securing space to accommodate future growth and expansion," Chief Executive Steven Sugarman said in the release.