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Los Angeles-based The Capital Group Companies Inc. is in talks with The Irvine Company to buy 52.5 acres along Jeffrey Road near the Santa Ana (I-5) Freeway, with plans to develop nearly 1 million square feet of office space.
The Capital Group-a privately held investment firm that runs the American Funds Group mutual-fund operation with $325 billion under management-plans to move the 1,700 employees of its Western regional service center now housed in a leased three-building, 355,000-square-foot complex in Brea to the new facility.
But don't expect to see the new Irvine business park any time soon. The Capital Group and The Irvine Company both have hoops to jump through before the project can move forward.
The Capital Group has a target date of 2004 to complete the 615,000-- square-foot first phase of the project, intended to accommodate the employees from...