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11/18/20
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Base build for Phase I of The Press in Costa Mesa has been completed. Once a thriving newsroom, printing press and distribution facility for the LA Times, dating back to the 1960’s, the property has been reimagined as a state-of-the-art mixed-use creative work campus and social hall. The project will offer 380.9k sf of modern creative office space and 50.9k sf of retail space upon full completion in Q4 2020.
The project, a development of Invesco Real Estate, Steelwave and 5_Ronin, covers 24 acres at 1375 Sunflower Ave, just east of Harbor Blvd off the 405 Fwy. The development includes a 1.5-acre park fronting South Coast, and has more improved outdoor space and less density than any existing project in Orange County. It is ideally positioned in Costa Mesa’s emerging creative hub, and presents easy access to John Wayne Airport and the prime residential markets of Newport Beach and Irvine.
Newmark’s Jay Nugent and George Thomson are handling the office leasing of the project. Retail Insite’s Chris Hodgman and The Lab’s Jason House are the leasing agents for the retail portion of the project.
“The Press is like nothing Orange County has seen before and after six months of construction, it is really starting to take shape, which we believe will change the landscape and perception of Orange County office space,” said Nugent. “We have received significant interest from notable companies both from inside and outside the region and are excited for what the next 12 months has in store as ownership completes construction.”
“Costa Mesa has roots in fashion, action apparel and design, making it the center for creative office and retail in Orange County, and we are excited at the opportunity to develop something special at The Press,” said Seth Hiromura, Managing Partner at 5-Ronin. “Our goal is to deliver a project that embraces deep creativity and reimagines shops and workspaces springing from the ruins of the old industrial warehouse and printing press.”
Costa Mesa’s strong fundamentals and accessibility to the greater Orange County region via arterial freeways, namely the 405, 55, and 73, have attracted notable office occupiers including the Los Angeles Chargers (102k sf), Deloitte Services (77k sf) and Comerica Bank (71k sf), according to Newmark Research. Tenants are drawn to the city’s prominent office towers, abundance of amenities and live/work play environment. Ground-up construction is limited as the city is largely built out, but existing inventory is heavily tilted toward Class A and B stock. The average asking rent of $3.26 per square foot is 18.1% above Orange County’s average of $2.76 per square foot.
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