ORANGE COUNTY, CA-Koll Development has sold its year-old, 178,000-sf office tower inside the Irvine Concourse business park to an Australian investment company for about $48 million.

The eight-story building at 1900 Main Street is 96% leased and represents the first phase of the company’s Koll Center Irvine North development. It was purchased by Australia-based Terrace Towers.

The Irvine tower was jointly owned by Koll and one of its financial partners, NY-based NorthStar Capital Investment Corp. Some Orange County brokers say that the partners have been feuding and that NorthStar is unhappy with some of the returns its projects with Koll have been generating, but officials at both companies deny those rumors.

Yet, NorthStar has declined to provide funding for the second phase of the Koll Center Irvine North project—an office tower that is an identical twin to the building that was just sold. The money instead is coming from a pension fund that Koll officials haven’t identified.

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