Dolphin Partners Real Estate Firm Buys Office Building for $3.8 Million

Dolphin Partners, a real estate investment company in Irvine, has bought a two-story office building for $3.8 million.

The sale price of the 52,229-square-foot building works out to $73 a square foot, among the higher prices brokers have reported this year. In 1992, prices for comparable space ranged from $51.90 to $100 a square foot, according to real estate industry figures.

The building, at 18818 Teller Ave. in Irvine, is 88% leased. The seller, Glendale Federal Bank, had hired Grubb & Ellis in Anaheim to find a buyer. Grubb & Ellis in Newport Beach represented Dolphin.