April 10, 2023 9:00 AM
Newmark[1]
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.
[1] Dba Newmark Knight Frank in California
About Newmark
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.
Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the effects of the COVID-19 pandemic on the Company’s business, results, financial position, liquidity and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.
- Media>
- Press Releases >
- Newmark Facilitates Sale and Financing of Trophy …
Newmark Facilitates Sale and Financing of Trophy Office Campus in Orange County, California
Contact Us
Thank you for sharing your information with Newmark!