SEAL BEACH, CA—Parallel Capital Partners Inc. has purchased Bixby Office Park here for $85 million from a large national insurance firm.

The 297,241-sq.-ft. complex is 3030 Old Ranch Parkway, on 15.8 acres, was built in 1987. The complex is currently 98 percent occupied, with major tenants including Baker Corp., SAIC, Olson Urban Housing, Seagate Offices and Clean Energy Fuels Corp.

Matt Root, a founding partner, says this deal is indicative of improving conditions in Western markets. “We see the opportunity to do additional high-quality deals in this region throughout this year and significantly expand the size and value of our portfolio,” Root says in a statement.

Adam Edwards and K.C. Scheipe with Eastdil Secured represented the seller. Parallel represented themselves in the negotiations.