Terms of the deal were not disclosed, but the price was likely about $40 million, based upon sales of comparable properties, which are going for about $200 to $220 per sf.

The 3 Hutton Centre sale was brokered by Robert Smith, Michael Kane and Jeff Morgan of the Newport Beach office of CB Richard Ellis, along with John Weiner of CBRE's Irvine office.

Kane tells GlobeSt.com that the seller had owned the class A, 3 Hutton Centre property for about two and a half years. The asset, which includes an adjacent six-story parking garage, is one of a number of large Orange County office properties that Kane, Smith and the others on the CBRE team have brokered in recent years.

The 10-story office building is at 3 Hutton Centre in Santa Ana, in the South Coast Metro community, and was 90% occupied at the time of the sale. It is part of the entire Hutton Centre development, which occupies 43 acres and comprises 1.3 million sf of office space in six buildings. The development includes a 167-room Doubletree hotel and 13,000 sf of retail, with plans for 350 apartment units. The development surrounds a three-acre lake within Orange County's Greater Airport Area.