Terms of the deal were not disclosed, but industry sources sayWells paid $45.5 million for the eight-story building, which is100% leased. Koll developed the property in 2001 as a joint venturewith the National Electrical Benefit Fund.

KDC was represented in the sale of the 1901 Main St. building bythe Cushman & Wakefield investment team of Martin Morgensternand Rick Hamilton in C&W's Irvine office. The building reached100% occupancy in April with the signing of BNC Mortgage Inc. into73,000 sf. Mike Parker, western division president at KDC, toldGlobeSt.com at the time that the lease-up of the building wasremarkable, considering the 20% vacancy rate in the Orange Countyoffice market. Parker says the sale of the 1901 building"exemplifies the strength of the Southern California office marketand the tremendous demand from the investment community for qualityproduct here." The property sparked "much interest on the buyside," because of its roster of credit-worthy tenants, Parker says.Besides BNC Mortgage, the building is leased to tenants such asAON, GE Capital, Solomon Smith Barney and Alliance Bank.

This sale follows KDC's recent sale of Koll Center Pasadena at1055 E. Colorado Blvd. in Pasadena to Wells, and represents thesixth building sold to Wells by KDC in the past 24 months. TheAtlanta-based investor announced earlier this year that it plans tobuy up to $500 million in Southern California properties this year,focusing especially on properties in the Los Angeles, San Diego andOrange County markets. Wells is a national real estate investmentmanagement firm that purchases existing class-A office andindustrial properties, as well as corporate sale-leasebacks andbuild-to-suit projects. Its three investment entities include theWells Real Estate Investment Trust, the Wells SP& REIT IndexFund and the Wells Limited Partnership Program.