Shuwa Investments Corp. of Los Angeles has purchased a 155,000-square-foot office tower in Irvine in a transaction valued at more than $40 million, and an 83,735-square-foot structure in Newport Beach valued at $25 million.
Formerly known as Crocker Tower, the Irvine building at 1900 MacArthur Blvd. is currently occupied by Merrill Lynch & Shearson Lehman/American Express.
According to Grubb & Ellis Brokerage Services, which negotiated the transaction, Shuwa purchased the building from MDC Realty Co. of Irvine. The acquisition indicates Shuwa's expanding interest in suburban markets, the broker said.
The second sale involved Westerly Terrace, a seven-story office building at 1500 Quail St., adjacent to John Wayne Airport. Tenants include Apple Computer, Emkay Development, Raychem Corp and Gulf & Western, according to Jack S. Cooper, managing director of Bank of America's Investment Real Estate Group which served as realty adviser to Shuwa. Westerly Place Ltd. and Emkay Development Co. were the sellers.