and his team will move into a new, $60 million headquarters in less than three years. The Los Angeles Times
' Shan Li reports
that Irvine Co (a developer) will break ground
this summer on a new Pimco
] HQ, still in Newport Beach, California and scheduled for completion by the end of 2013.
Pimco's new address will be 650 Newport Center Drive.
The Wall Street Journal
's Robbie Whelan reports
that the new 20-story building, which Pimco will lease from Irvine, will cost $60 million and have 380,000 square-feet, almost double the current Pimco HQ's 192,000 square feet. According to the Journal, the new building will be next to the outdoor Fashion Island mall and "about a mile from the ocean." (Irvine was also the developer for the $100 million renovation of Fashion Island completed last year.)
According to the Times, about 850 of Pimco's 1,500 employees worldwide are based at its Newport Beach HQ.
Neil Anderson, Managing Editor
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