The three-story property stands at 501 N. Brookhurst St., which is located in close proximity to both the 5 and 91 freeways. Encompassing 35,200 sf, it was 95% occupied at the time of sale. Tenants include Orange County's Credit Union, The City of New York and the LDS Church. None of the four largest tenants comes up for renewal before mid-2004.

George Economos and Steve Economos of NAI Capital Commercial acted on behalf of the buyer, Asset Management Consultants. They also represented the seller, an unnamed private investor based in San Luis Obispo.

Few large transactions have been reported in the new year, as the county's office market is not expected to pick up again until mid-year. Meanwhile, office vacancies are on the rise and are expected to climb even higher over the near-term. This has given tenants the upper hand, as landlords are focused on keeping their properties leased.