Southern California real estate giant Irvine Company has completed its retreat from downtown San Diego with the sale of its flagship office tower, One America Plaza, to a familiar, high-net-worth buyer.

Tuesday, a joint venture affiliated with Sacramento-based real estate company Saca Development purchased the 658,000 square-foot, obelisk-shaped skyscraper at 600 W. Broadway for $120 million, according to property records.

The 2.9-acre property near Santa Fe Depot traded for less than half of what Irvine Company paid for the property nearly 20 years ago. The firm paid $285.4 million in 2006, taking over a $100 million loan from the previous owner at the time.

“Following a competitive process that involved a number of potential buyers, we are pleased that Saca Development has purchased O

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