November 16, 2020, 10:00 AM
Newmark has announced the base build completion for Phase I of The Press in Costa Mesa, on behalf of the owner, Invesco Real Estate, a global real estate investment manager, along with development partners, Steelwave and 5_Ronin.
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 380,856 square feet of modern creative office space and 50,909 square feet of retail space upon full completion in Q4 2020.
Newmark’s Senior Managing Directors 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.”
The Press, located at 1375 Sunflower Avenue, is ideally positioned in Costa Mesa’s emerging creative hub, surrounded by several companies that make up the Orange County’s newly energized business corridor. The project is spread across 24 acres, including a 1.5-acre park fronting South Coast, and has more improved outdoor space and less density than any existing project in Orange County. The property presents easy access to John Wayne Airport and the prime residential markets of Newport Beach and Irvine.
“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.”
“We are thrilled that The Press project continued to progress during the pandemic. This unique repurposing of the old LA Times building is an example of the type of mixed-use projects Costa Mesa enjoys,” said Katrina Foley, Costa Mesa Mayor. “We love the opportunity to partner again with Shaheen Sadeghi who successfully repurposed several other underutilized industrial properties in the area, and I look forward to the day when The Press is buzzing again.”
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 (102,000 square feet), Deloitte Services (77,000 square feet) and Comerica Bank (71,000 square feet), 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 percent above Orange County’s average of $2.76 per square foot.
About Invesco Real Estate
Invesco Real Estate is a global leader in the real estate investment management business with $80.4 billion in real estate assets under management, 574 employees and 21 regional offices across the U.S., Europe and Asia (as of September 30, 2020). Invesco Real Estate has been actively investing in core, value-add and opportunistic real estate strategies since 1992. Invesco Real Estate is a business name of Invesco Advisers, Inc., an indirect, wholly owned subsidiary of Invesco Ltd. Invesco Ltd. is an independent investment management firm dedicated to delivering an investment experience that helps people get more out of life. NYSE: IVZ; www.invesco.com.
About Newmark (Nasdaq: NMRK)
Newmark Group, Inc., together with its subsidiaries (“Newmark”), is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology, and industry expertise, we bring ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2019, Newmark generated revenues in excess of $2.2 billion. To learn more, visit nmrk.com or follow @newmark.
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