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11/13/15
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John Hancock Real Estate paid about $105 mil for 5000 Birch, a two-building, Class A office property totaling 297.6k sf in Newport Beach. The property was sold by an institutional client of Cornerstone Real Estate Advisers. John Hancock is the U.S. Division of Manulife Financial Corp.
Built in 1983, 5000 Birch consists of the six-story East Tower and the 10-story West Tower, steel-frame and glass structures that are connected by a two-story concourse. The buildings are a combined 80 percent leased.
Situated on 3.92 acres at the gateway between Newport Beach and the Irvine Business Complex, the property has easy access to I-405, Hwy 73 and the John Wayne Airport. 5000 Birch is also convenient to executive housing in Newport Beach, Newport Coast, Corona Del Mar, Irvine and Laguna Beach as well as the retail offerings at Fashion Island and South Coast Plaza.
Ryan Gallagher, Mike McCann, Tim Geiman and Derreck Barker of HFF represented the seller in the transaction. Cornerstone acquired the asset in late 2002 along with another trophy Newport Beach office building, 4400 MacArthur, from Koll/Aetna, a partnership made up of Aetna Life Insurance Company, Don Koll and other private investors.
“5000 Birch is one of only five properties of its size within the city of Newport Beach and due to restrictive city ordinances for new development, the new owner will likely face zero supply risk within this prestigious zip code,” said Gallagher. “In addition, the property will greatly benefit from its location in the ‘Jamboree Corridor’ that is redefining itself as a walkable, urban community with record levels of residential and retail construction that will ultimately drive office demand, higher occupancy and rent growth.”
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