IRVINE, CA-The venture of Hines and Crescent Real Estate breaks ground on the joint venture's 2211 Michelson class A office tower in the John Wayne Airport submarket.

NEW YORK CITY-Locally based Sterling American Property Inc. adds to it holdings in the San Francisco Bay Area with the $67.5-million purchase of 120 Montgomery St. The firm will put the 420,310-sf class B property through a rehabilitation effort.

CHICAGO-Hines is selling the 90%-leased, 40-story office tower, which could command $250 million to $350 million based on sales of similar Downtown properties. The building's "blue-chip" tenant roster is led by Sidley Austin Brown & Wood, Barton Brands and Mittal Steel Corp.

LA JOLLA, CA-The Houston-based firm acquires a three-acre site from Makar for an undisclosed amount. The project is entitled for a 20-story, 450,000-sf office building.