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OTHER NEWS

Times Staff and Wire Reports

Prime O.C. Office Land Purchased: In a sign of renewed interest in Orange County’s commercial real estate market, investors have purchased prime Irvine land where they are planning a $200-million development that could include twin 20-story office towers. The land, 9 acres in Koll Center Irvine North, was purchased by a limited partnership for an estimated $10 million from the Resolution Trust Corp., according to real estate sources. The buyer, Irvine Holdings, is controlled by Texas investor Richard Squires and includes several New York pension funds and other outside investors, according to Scott Barnard of Newport Beach-based ZB Investment Co., a consultant to Squires and a former Koll executive. Barnard said the group is seeking tenants.


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