April 10, 2023 9:00 AM
Newmark announces it has completed the sale of Griffin Towers, a 560,163-square-foot, Class A, 13-story twin office building campus in Orange County, California. The asset traded for an undisclosed amount.
Newmark Co-Head, U.S. Capital Markets Kevin Shannon, Executive Managing Directors Paul Jones, Brunson Howard and Ken White and Director Brandon White represented the undisclosed institutional seller. The buyer was Kingsbarn and Barker Pacific Group. Vice Chairman David Milestone and Director Henry Cassiday of Newmark arranged debt financing on behalf of the buyer.
Located at 5 and 6 Hutton Centre Drive, the property is situated on over seven acres in the heart of Orange County’s South Coast Metro submarket and is part of the master-planned Hutton Centre development, a dynamic, highly amenitized, live-work-play environment with three apartment complexes, three hotels and one retail center.
Griffin Towers underwent an $8 million renovation in recent years and now features a newly upgraded lobby, conferencing center and newly finished corridors, elevator lobbies and restrooms. Campus amenities include on-site retail, outdoor seating areas, a fitness center and multiple conferencing rooms.
The property was 68% leased at the time of sale to a diversified tenant roster, anchored by six major tenants including UKG, Michael Baker International, Tom Ferry International, Nations Direct Mortgage and HNBT.
The property is centrally located, adjacent to the SR-55 Freeway, offering direct freeway frontage and excellent visibility to approximately 285,000 vehicles per day as well as convenient access to John Wayne Airport.
 Dba Newmark Knight Frank in California
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues of approximately $2.7 billion for the year ending December 31, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 180 offices with nearly 6,700 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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