The 32-acre complex, Brookhollow Office Park, stands at thecorner of Grand and Warner avenues. The 401,000-sf development is98% leased and represents Birtcher's largest single purchase thisyear, says Bob Anderson, the Laguna Niguel-based company'spresident and co-chairman.

The seller is CALVEST Realty Advisors Inc., a private investmentand advisory firm. CALVEST President Greg Hillgren says Birtcher's$41-million offer topped about a dozen offers that have been madeon the property since it went on the market in June.

Commercial property values in most parts of Orange County havesoared over the past few years as the region's economy hasblossomed and development has remained in check. Birtcher execAnderson says his company plans to raise rents at the project asleases expire: Rents are averaging about $1.35 per sf, he says,even though space at comparable projects goes for about $1.70 persf.