Lennar Corp. has acquired a 25-acre office complex in Irvine which is entitled for redevelopment with housing. 

The $230-million deal, announced by sellers Foxfield, LLC and IRA Capital, involves the Von Karman Creative Campus located at 16775 Von Karman Avenue. The nine-building complex will make way for up to 426 homes, reports the Orange County Register.

“The Von Karman Creative Campus is an example of what can be achieved through collaboration, disciplined execution, and a shared long-term vision,” said Foxfield managing director and head of development Mark Tang. “We are grateful to our partners at IRA Capital, the City of Irvine, and Lennar for their professionalism and commitment throughout the process.”

The land reportedly last sold in 2023 for $100 million. Foxfield and IRA Capital subsequently entitled the site for redevelopment with housing, receiving approvals for the project in September 2025.

A rendering of the new homes depicts a series of contemporary low-rise buildings.

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