IRVINE, CA-American Spectrum Realty Inc. has closed its sale of a 210,000-square-foot office building at 7700 Irvine Center Dr. to locally based Great Far East Inc. for $56.5 million. Houston-based American Spectrum previously announced sale of the property, which is also known as the Yard House Building because it houses the corporate offices of the Yard House restaurant chain.

The building is nearly 80% occupied, according to an announcement by American Spectrum. CB Richard Ellis Group Inc. brokers handled the sale.

American Spectrum said the sale will produce a $24.1 million profit to be recognized in the second quarter and largely sheltered from taxes as the company utilizes most of its federal net operating loss carry-forward. Proceeds will be used to reduce debt, lower payables and explore new investment opportunities, the company said.