Institutional Property Advisors Brokers Two Class A Office Tower Sale in Newport Beach, California
Marcus & Millichap (NYSE: MMI) subsidiary Institutional Property Advisors (IPA) has announced the sale of 5000 Birch Street, a two-tower Class A office complex in Newport Beach, California. The 310,553-square-foot property was sold to Joe C. Wen by IPA senior director Mark DeGiorgio.
The property, built in 1983, consists of a 10-story West Tower connected to a six-story East Tower, featuring modern amenities including a new fitness center, restaurant space, and outdoor courtyard. Located near John Wayne Airport and major transportation routes, the complex is positioned in the Koll Center Newport, adjacent to UCI Health's new Irvine Medical Center.
The buyer plans significant capital investments to complete ongoing renovations. The property's strategic location in Orange County's office market, combined with planned local development including new housing units, positions it favorably for future growth.
Marcus & Millichap (NYSE: MMI), tramite la sua controllata Institutional Property Advisors (IPA), ha annunciato la vendita di 5000 Birch Street, un complesso di uffici Class A composto da due torri situato a Newport Beach, California. La proprietà di 28.842 metri quadrati è stata venduta a Joe C. Wen dal direttore senior di IPA, Mark DeGiorgio.
Costruito nel 1983, l'immobile comprende una torre ovest di 10 piani collegata a una torre est di 6 piani, dotata di servizi moderni come un nuovo centro fitness, spazi per ristorazione e un cortile esterno. Situato vicino all'aeroporto John Wayne e a importanti vie di comunicazione, il complesso si trova nel Koll Center Newport, adiacente al nuovo Irvine Medical Center di UCI Health.
L'acquirente prevede ingenti investimenti per completare le ristrutturazioni in corso. La posizione strategica nel mercato degli uffici della contea di Orange, unita ai progetti di sviluppo locale che includono nuove unità abitative, rendono la proprietà particolarmente promettente per una crescita futura.
Marcus & Millichap (NYSE: MMI), a través de su filial Institutional Property Advisors (IPA), ha anunciado la venta de 5000 Birch Street, un complejo de oficinas Clase A con dos torres ubicado en Newport Beach, California. La propiedad de 28,842 metros cuadrados fue vendida a Joe C. Wen por el director senior de IPA, Mark DeGiorgio.
Construido en 1983, el inmueble consta de una torre oeste de 10 pisos conectada a una torre este de 6 pisos, con comodidades modernas que incluyen un nuevo gimnasio, espacio para restaurante y un patio al aire libre. Ubicado cerca del aeropuerto John Wayne y de importantes rutas de transporte, el complejo está situado en Koll Center Newport, junto al nuevo Irvine Medical Center de UCI Health.
El comprador planea realizar importantes inversiones de capital para finalizar las renovaciones en curso. La ubicación estratégica en el mercado de oficinas del condado de Orange, junto con el desarrollo local planificado que incluye nuevas unidades de vivienda, posicionan la propiedad favorablemente para un crecimiento futuro.
Marcus & Millichap (NYSE: MMI)의 자회사 Institutional Property Advisors (IPA)가 캘리포니아 뉴포트비치에 위치한 두 개의 타워로 구성된 Class A 오피스 단지인 5000 Birch Street의 매각을 발표했습니다. 28,842평방미터 규모의 이 부동산은 IPA의 수석 이사 Mark DeGiorgio가 Joe C. Wen에게 매각했습니다.
1983년에 지어진 이 부동산은 10층 서쪽 타워와 6층 동쪽 타워로 구성되어 있으며, 새로 조성된 피트니스 센터, 레스토랑 공간, 야외 중정 등 현대적인 편의시설을 갖추고 있습니다. John Wayne 공항과 주요 교통로 인근에 위치해 있으며, Koll Center Newport 내에 자리잡고 있고 UCI Health의 새로운 Irvine 의료 센터와 인접해 있습니다.
구매자는 현재 진행 중인 리노베이션을 완료하기 위해 상당한 자본 투자를 계획하고 있습니다. 오렌지 카운티 오피스 시장에서의 전략적 위치와 신규 주택 단지 등 지역 개발 계획이 결합되어 향후 성장 가능성이 높게 평가됩니다.
Marcus & Millichap (NYSE : MMI), via sa filiale Institutional Property Advisors (IPA), a annoncé la vente de 5000 Birch Street, un complexe de bureaux Class A composé de deux tours situé à Newport Beach, Californie. La propriété de 2 885 mètres carrés a été vendue à Joe C. Wen par Mark DeGiorgio, directeur principal d’IPA.
Construit en 1983, l’immeuble comprend une tour ouest de 10 étages reliée à une tour est de 6 étages, avec des équipements modernes tels qu’un nouveau centre de remise en forme, un espace restaurant et une cour extérieure. Situé à proximité de l’aéroport John Wayne et des principales voies de communication, le complexe se trouve dans le Koll Center Newport, à côté du nouveau centre médical Irvine de UCI Health.
L’acheteur prévoit des investissements importants pour achever les rénovations en cours. L’emplacement stratégique sur le marché des bureaux du comté d’Orange, combiné aux projets de développement local incluant de nouvelles unités de logement, positionne favorablement la propriété pour une croissance future.
Marcus & Millichap (NYSE: MMI) Tochtergesellschaft Institutional Property Advisors (IPA) hat den Verkauf von 5000 Birch Street bekannt gegeben, einem Class-A-Bürokomplex mit zwei Türmen in Newport Beach, Kalifornien. Die 28.842 Quadratmeter große Immobilie wurde von IPA Senior Director Mark DeGiorgio an Joe C. Wen verkauft.
Das 1983 errichtete Objekt besteht aus einem 10-stöckigen Westturm, der mit einem sechsstöckigen Ostturm verbunden ist, und bietet moderne Annehmlichkeiten wie ein neues Fitnesscenter, Gastronomieflächen und einen Außenhof. In der Nähe des John Wayne Flughafens und wichtiger Verkehrswege gelegen, befindet sich der Komplex im Koll Center Newport, angrenzend an das neue Irvine Medical Center von UCI Health.
Der Käufer plant erhebliche Kapitalinvestitionen, um die laufenden Renovierungen abzuschließen. Die strategische Lage im Büroimmobilienmarkt von Orange County, kombiniert mit geplanten lokalen Entwicklungen einschließlich neuer Wohneinheiten, macht die Immobilie für zukünftiges Wachstum attraktiv.
- Strategic location near major transportation routes and business districts
- Significant planned local development including new housing units
- Recently renovated with modern amenities
- Adjacent to new UCI Health medical center
- None.
“This was an ideal Class A office investment opportunity that is well positioned to capitalize on the future of office,” said Mark DeGiorgio, IPA senior director who closed the sale on behalf of the institutional seller, and the buyer, Joe C. Wen. “There is significant growth planned for this micro market, including hundreds of new housing units, helping to solidify this urban node,” added DeGiorgio. “The buyer plans to infuse significant capital to complete the tactful renovation the seller has already pursued. Orange County’s office market is primed to outperform nationwide trends due to significant supply reductions happening across the county and ever-increasing hub-and-spoke business footprints.”
The glass and steel office campus is adjacent to UCI Health’s brand-new, state-of-the-art Irvine Medical Center featuring the Joe C. Wen & Family Center for Advanced Care. The office towers are within one mile of John Wayne Airport in the mixed-use Koll Center Newport, close to the Newport Beach Business District, the Newport Center business, shopping, and entertainment district, also known as Fashion Island. The property is easily accessible from State Routes 55, 73 and Interstate 405, which provide access to
Built in 1983 and significantly renovated by the seller, 5000 Birch Street’s steel and glass façade reflects the surrounding
About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout
View source version on businesswire.com: https://www.businesswire.com/news/home/20250415185173/en/
Gina Relva, VP of Public Relations
Gina.Relva@MarcusMillichap.com
Source: Marcus & Millichap, Inc.
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