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4/14/16
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Joint venture partners The PRES Companies, CitiVest and Bitcentral have launched an office condo project in Orange County to satisfy some of the demand from small- to mid-sized Orange County businesses to own their office space. The project, 4340 Von Karman, is located within the Airport submarket and the business hub of Newport Beach, within the existing building at 4340 Von Karman.
The condo project offers a total of 40k sf of Class A office condominium suites ranging in size from 1k sf to 20k sf. The units start in the mid- to high-$400,000s for raw space to the mid- to high-$500,000s for finished space. It covers roughly half of the building’s total space.
The four-story, 4340 Von Karman property underwent $2.5 mil in major renovations led by Irvine-based interior design and architectural firm, SAA, over the last 12 months. This has included a new lobby and restrooms, upgrades to all common areas, landscaping, new roof with solar panels, and new HVAC energy management system. The building is also undergoing LEED certification.
The exterior also features a lake and outdoor seating areas. 4340 Von Karman is within the prestigious Koll Center Newport office campus and is ideally located across the street from the Pacific Club; is around the corner from the John Wayne Airport; and provides easy access to the 73, 405, and 55 freeways.
“There is currently no other Class A office condo product on the market with availability in all of Orange County,” said Adam Espinoza, a Director with PRES, who along with Wyatt Prichard and Morgan Casey, is leading the marketing efforts for the project. “As the trends of tightening office vacancy rates and rising rents continue, the demand from local businesses to own office space is unprecedented. The opportunity for a small business to have a fixed real estate cost as well as own a portion of a high-image office property in Newport Beach is very rare. We have already seen a strong amount of interest from buyers.”
According to David Bonaparte, Managing Principal with PRES, there are SBA financing options in place as well as a design team to provide customized improvements to suites. 4340 Von Karman is currently occupied by CitiVest (full first floor) and Bitcentral (full fourth floor). The second and third floors, each totaling 20k sf of space consist of 11 office suites on each floor with a brand new shared kitchen, lounge and conference room.
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