Major O.C. Property Sold

A Los Angeles real estate company on Tuesday acquired Two Town Center, a major development in the heart of South Coast Plaza, for an estimated $145 million, marking one of the largest commercial deals on record in Orange County.

CommonWealth Partners bought the complex from Anton Street Associates, an affiliate of C.J. Segerstrom & Sons, and its partner, Prudential Insurance Co. of America.

Analysts said the sale is further proof that the commercial real estate market has rebounded. The sale fetched an estimated $195 per square foot.

The complex has twin 15-story office towers, two five-story parking structures, four restaurants, a single-story retail building and a four-screen cinema complex.

The purchase represents CommonWealth’s second major purchase in recent months. In November, it bought 801 Figueroa Tower in downtown Los Angeles in a deal valued at more than $87 million.