REAL ESTATE

Shuwa Investment Corp., an arm of the giant Shuwa real estate and development firm in Japan, has purchased the seven-story Westerly Place office building on Quail Street in Newport Beach for $25.5 million. GlenFed Investment Properties and Emkay Development--which built the building--were the sellers.

Shuwa has become an aggressive real estate investor in southern California and particularly in Orange County, where it also owns the Downey S&L; building in Costa Mesa, the Taco Bell building at Von Karman Avenue and Main Street in Irvine, and the Shearson/American Express building on MacArthur Boulevard in Irvine.