Office Building Purchased in Newport Center

Avco Tower, a 16-story office building in Newport Center, has been purchased by the Irvine Co. from Balboa Insurance Co. and Meritplan Insurance Co., subsidiaries of Avco Financial Services.

Purchase price of the reflective glass tower was about $45 million and was negotiated for the seller by Coldwell Banker. The transaction expands the Irvine Co.'s ownership of office space in the 600-acre Newport Center to more than 1.3 million square feet.

The Avco Tower has 235,000 square feet of rental space. It was completed in 1971 and was the first high-rise to be built in Newport Center.

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