2 Office Sites Change Hands for $110 Million

Two real estate investment groups plunked down about $110 million this month to acquire a pair of well-known Orange County properties.

New York-based DRA Realty Advisors, beating out nearly a dozen other bidders, purchased the 17-story Xerox Centre off the Santa Ana Freeway in Santa Ana for $57 million.

Irvine-based Sares-Regis Group, investing with an institutional partner, agreed to buy the 16-building Irvine Oaks complex in the Irvine Spectrum for about $53 million, even before seller Magellan Real Estate of Phoenix formally put the property on the market.

Xerox Realty Partners agreed to lease about 75,000 of the curved-glass Xerox Centre tower’s 313,000 rentable square feet before selling the property. Other key tenants include Merrill Lynch and Ashland Oil, said the deal’s brokers, Bob Smith and Rick Warner of CB Richard Ellis.

Irvine Oaks, a 320,000-square-foot campus-style site, includes 12 single-story office buildings completed in the early 1990s and four two-story buildings just being completed along Laguna Canyon Road.