Newmark has negotiated approximately 30,000-square-foot medical office lease with University of Southern California (USC) on behalf of the ownership of Newport Harbor Medical Plaza. The newly developed, state-of-the art Class A property is located at 330 Old Newport Boulevard delivered Q1 of this year.
Newmark’s Executive Managing Director Garth Hogan and Managing Director John Scruggs represented Advanced Medical Properties, a Newport Beach-based and physician-owned development firm specializing in high-end medical office. USC was represented by an outside firm.
“USC plans to use the facility as a multi-modality clinic and will start on tenant improvements to meet its needs in Q2 2020,” said Scruggs. “We received a considerable amount of interest in this asset as it presents medical office tenants a unique opportunity in one of the most-coveted, coastal locations in Southern California.”
Newport Harbor Medical Plaza is strategically located across from the 498-bed Hoag Memorial Presbyterian Hospital of Newport Beach and overlooks Newport Harbor and the Pacific Ocean. The two-story property is highly visible from the intersection of Old Newport Boulevard and Hospital Road and is near the 55, 73, and 405 freeways as well as Pacific Coast Highway.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 18,000 professionals operate from approximately 480 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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