PaineWebber to Use Half of New Building

PaineWebber Group Inc. has agreed to occupy nearly half of a new four-story building being built in Newport Beach by the Irvine Co. Terms of the deal were not disclosed.

The brokerage firm is consolidating two Orange County offices into the one location. An Irvine spokesman said PaineWebber will occupy about 50,000 square feet of the office building under construction at 888 San Clemente Drive in Newport Center.

The building, next to the Orange County Museum of Art, is scheduled to be completed in April.