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Pimco to build new headquarters in Newport Beach

The Irvine Co. development will be about twice the size of the mutual fund giant's current headquarters.

March 15, 2011|By Shan Li, Los Angeles Times
  • Fund manager Bill Gross heads Pimco.
Fund manager Bill Gross heads Pimco. (Don Bartletti / Los Angeles…)

Mutual fund giant Pacific Investment Management Co. is planning to build new digs in Newport Beach.

The proposed complex, designed by architect Henry Cobb, will include a conference center and a state-of-the-art trading floor, according to developer Irvine Co., which will oversee the project. The development will be about twice the size of Pimco's current 192,000-square-foot home, which is also in Newport Beach, the developer said. Pimco is headquartered at Pacific Financial Plaza in two contiguous buildings.

"We look forward to continuing to be part of the Newport Beach community, which is where our headquarters have been for the last 40 years," Pimco spokesman Dan Tarman said. "For us it's about making sure our facility needs evolve with our growth."

Neither Pimco nor Irvine Co. would disclose the estimated costs of the development or specifics about its appearance, pending city approval.

The development would bring as many as 1,000 construction jobs to the area, according to Irvine Co.

Construction is scheduled to begin by late summer and end by 2013.

Pimco, headed by fund manager Bill Gross, has grown in recent years into a hugely influential bond firm with $1 trillion in investments and 1,500 employees worldwide. About 850 of those workers are at the Newport Beach headquarters.

"Over the past four to five years we've grown significantly, and we've added a substantial number of people both in Newport Beach and around the world," Tarman said.

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