Newport Beach-based WCB Properties purchased Xerox Centre in January in a deal reported on GlobeSt.com. In collaboration with WCB, PM Realty "will be positioning Xerox Centre as a premier work place environment," says Jim Proehl, EVP and managing director of PMRG's western division.
Xerox Centre is 85% occupied by tenants including Xerox Corp., Ashland Oil, Hollins & Schecter and Merrill Lynch. PM Realty has named Therese Gray, a veteran senior property manager, to lead the property management team at the building.
WCB Properties and UBS Realty Investors acquired the Xerox Centre from tenant-in-common specialist Triple Net Properties for $77.5 million. At the time of the purchase, WCB said that the acquisition was part of the company's new push to acquire and develop in California.
Xerox built the 15-story office tower in 1989 as its Southern California regional headquarters and sold it in the late 1990s. The property is situated at the interchange of Interstate 5 and the 55 Freeway.
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