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October 18, 2017
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Olen Properties Spends $75 Mil on Newport Beach Office Building

9/19/17

Olen Properties has purchased 4100 Newport Place Drive, a 190.4k sf, Class A office tower in Newport Beach, for $75.6 mil, or $397/sf. The asset was sold by American Realty Advisors, one of the largest privately-held real estate investment management firms in the U.S.

The nine-story building sits on a 3.7-acre site south of the 405 Fwy on the west side of MacArthur Blvd. It features a dramatic four-story vaulted atrium and resort-style lobby environment and recently modernized mechanical systems, elevator systems, upgraded corridors and restrooms.

Jeffrey Cole, Marc Renard, Ed Hernandez, and Nico Napolitano with Cushman & Wakefield represented the seller in the disposition. According to C&W, the transaction reflects the highest office investment sale based on price-per-square-foot in all of Orange County in 2017.

“4100 Newport Place is one of the largest and highest profile office buildings in Newport Beach,” said Cole. “The property offers stable in-place tenancy as well as exceptional value enhancement potential in a dynamic market poised for significant rental rate growth. Olen Properties, which maintains a long-term ownership approach, was an ideal buyer for this high-quality property.”

Cushman & Wakefield’s latest market report showed Newport Beach office vacancy in single digits at 9.4% at mid-year 2017, just below Orange County’s overall vacancy rate of 10.9%. In terms of leasing activity, Newport Beach was among the county's most active submarkets through the first half of 2017.




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