REAL ESTATE
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Bank of America bought a 115,000-square-foot office building in Brea Tech Center for $12.5 million.
The San Francisco-based banking giant will move 600 employees into the building in July. The bank is consolidating five Southern California loan divisions into the new building to service consumer loans.
Brea Tech Center is a 32-acre, $90-million complex designed for large tenants.
The second phase of the project--including the Bank of America building and another, 70,000-square-foot building--was recently completed by a joint venture partnership of JZK Associates in Brea and Cal Fed Income Properties.
Part of the project’s appeal, developers say, is that Brea’s location in northern Orange County is close to both Los Angeles and to the less expensive housing of San Bernardino County.
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