Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of 5000 Birch Street, a two-tower, class A office asset in Newport Beach, Calif., encompassing 310,553 square feet.
“This was an ideal class A office investment opportunity that is well-positioned to capitalize on the future of office,” said Mark DeGiorgio, senior director at IPA, who closed the sale on behalf of the institutional seller and the buyer, Joe C. Wen.
“There is significant growth planned for this micro market, including hundreds of new housing units, helping to solidify this urban node,” added DeGiorgio. “The buyer plans to infuse significant capital to complete the tactful renovation the seller has already pursued. Orange County’s office market is primed to outperform nationwide trends due to significant supply reductions happening across the county and ever-increasing hub-and-spoke business footprints.”
The glass-and-steel office campus is
