Newport Beach Office Complex Sold for $33 Million
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Institutional Property Advisors (IPA), a division of Marcus & Millichap, brokered the sale of 5000 Birch St., a two-tower office complex in Newport Beach. The 310,553-square-foot property was sold by John Hancock Real Estate for $33 million, or $106 per square foot.
“This was an ideal Class A office investment opportunity that is well positioned to capitalize on the future of the office,” said Mark DeGiorgio, IPA senior director who represented the institutional seller and the buyer, Joe C. Wen.
The glass and steel office complex was built in 1983 and is adjacent to UC Irvine Health’s brand-new Irvine Medical Center, which includes the Joe C. Wen & Family Center for Advanced Care. The towers are centrally located within one mile of John Wayne Airport in the mixed-use Koll Center Newport, close to the Newport Beach Business District and Fashion Island.
Information for this article was sourced from Marcus & Millichap.
