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Former Unocal Building Up for Sale; Dot-com Tenants Not Viewed as Asset by Some

ORANGE COUNTY, CA-The 236,000-sf office tower in Costa Mesa is offered at about $60 million, but some prospects are staying away because tenants in the turbulent dot-com industry occupy so much of its space.

By David W. Myers | Updated on October 05, 2000

ORANGE COUNTY, CA-The former Unocal building in Costa Mesa has been put up for sale with an asking price of about $60 million, but brokers familiar with the listing tell GlobeSt.com that some prospective buyers are shying away because so many of the development’s tenants are involved in the turbulent dot-com industry.

The 12-story, 236,000-sf office building stands at 555 Anton Blvd. It was leased for years to Unocal 76 Products before the energy giant was acquired by Tosco Corp., which then moved most of the jobs out of state and left the building vacant.

The current owner, Denver-based Amstar Ltd., bought the complex from Bank of America for about $40 million in 1998. After making roughly $30 million in improvements, the complex was leased to a long list of tenants that include anchor BMC Software, Tickets.com and Epoch Internet.

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