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LOS ANGELES—Though the local economy has turned a corner, according to multiple market reports, economists and other industry sources, it's still growing at a sluggish pace, with some businesses holding back on hiring. And with the availability in the local office market in a holding pattern, reasonable pricing is prompting some tenants to buy property here rather than lease space.

Stamps.com, for example, purchased Grand Avenue Plaza in El Segundo earlier this year for $13.3 million, and the Gores Group acquired 9800 Wilshire Blvd. in Beverly Hills for $24.3 million.

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