Spieker Buys 2 Office Towers in Orange

Spieker Properties Inc. said it expects to complete its acquisition of two office towers at the City in Orange early next year.

The Menlo Park-based real estate investment trust, flush with cash from stock sales, is continuing the growth that has made it one of Orange County’s biggest landlords. Its holdings include several office buildings in Brea.

Spieker told investors recently that it will pay $97.2 million to buy One City Boulevard, a 19-story, 27-year-old building with white trim facing the Garden Grove Freeway, and City Tower, its 10-year-old, 20-floor, blue companion tower.

The buildings’ longtime owner, Metropolitan Life Insurance Co., has been divesting properties in the area. MetLife sold what once was the City shopping center to Mills Corp., which is redeveloping it as a retail-entertainment center. The insurer also has sold smaller office buildings in the area to Spieker.