The 32-acre complex, Brookhollow Office Park, stands at the corner of Grand and Warner avenues. The 401,000-sf development is 98% leased and represents Birtcher's largest single purchase this year, says Bob Anderson, the Laguna Niguel-based company's president and co-chairman.

The seller is CALVEST Realty Advisors Inc., a private investment and advisory firm. CALVEST President Greg Hillgren says Birtcher's $41-million offer topped about a dozen offers that have been made on the property since it went on the market in June.

Commercial property values in most parts of Orange County have soared over the past few years as the region's economy has blossomed and development has remained in check. Birtcher exec Anderson says his company plans to raise rents at the project as leases expire: Rents are averaging about $1.35 per sf, he says, even though space at comparable projects goes for about $1.70 per sf.