IRVINE, CA-Kilroy Realty Corp. of Los Angeles has closed on itspreviouslyreported deal to acquire 271,556-square-foot 2211Michelson Dr. office building from Hines and Crescent Real EstateEquities for $103.2 million. The 12-story multi-tenant building wasdeveloped by Hines in 2007, and has been managed and leased byHines since then. Kilroy will now take over those responsibilitiesfor the property.

According to Hines vice president Paul Twardowski, the saleenhances Hines' capacity to reinvest in Orange County. "We arealready actively pursuing new acquisitions,” he says.

The 2211 Michelson building, in the John Wayne Airport areasubmarket, was developed on a 1.2-acre site that includes anadjacent six-story parking structure providing parking at the ratioof six stalls per 1,000 square feet of building space, according toprevious GlobeSt.com reports on the project. The building was thefourth to be developed in the original Koll Center Irvine SouthCampus, which is now known as Von Karman Towers.