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TUSTIN, CA-Voit Development Co. of Woodland Hills has acquired an 86,633-sf office building at 14511 Myford for $10 million and has signed Safeco Insurance Co. of America to lease approximately 53% of the space in a three-and-a-half-year deal, according to James V. Camp, SVP of Voit Development. He notes that Safeco is a major credit tenant that has been in business for 80 years.Safeco, which sells a mix of insurance and investment products, has signed for approximately 45,965 sf of the building in a lease valued at $3.6 million. The insurance company will use the location as its Orange County hub, which will house the company’s subsidiary, Safeco Financial Institution Solutions, and other Safeco divisions. Voit plans to lease the remaining 43,527 sf to one or two tenants. Jeff Williams and Trent Walker of Voit Commercial Brokerage’s Irvine office represented Voit Development Co. in the acquisition as well as in the signing of the lease with Safeco. Williams and Walker also represented the Hamilton Co., the seller of the building. Safeco was represented by Dennis Richardson and Rick Kaplan of Cushman & Wakefield.The Tustin transaction was one of two recently closed office sales in Orange County. In the other, the John Saunders Property Co. bought a 41,900-sf building at 1501 and 1515 Westcliff Dr. in Newport Beach for $4.2 million. Saunders, which has purchased more than 60 buildings in the last three years, acquired the property with an underlying ground lease, according to Louis Tomaselli of the Anaheim Metro office of Voit Commercial Brokerage. Tomaselli, along with Mitch Zehner and Mike Boomer, represented the buyer.

Tomaselli notes that Orange County’s office market continues to show signs of improvement with more than 1.1 million sf of net absorption and an average sale price per sf of $186.27 for the third quarter of 2004. Tomaselli, Zehner and Boomer also represented the seller, Gold Realty Co., a private investor based in Beverly Hills.

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