Newmark Capital Markets has completed the $32.14 million sale of a seven-story, 90,715-square-foot office building located at 1500 Quail Street in Newport Beach, CA.
Paul Jones, Kevin Shannon, Blake Bokosky, Brunson Howard, Rick Stumm and Brandon White of Newmark Capital Markets represented the seller, New York Life. The buyer, a joint venture between Lincoln Property Company and an institutional advisor, was self-represented.
Built in 1983 and renovated in 2017, 1500 Quail is situated on nearly five acres and is 91 percent leased to 17 tenants including Northwestern Mutual, Ticor Title, Alera Group, and BB&T.
“The seller has owned 1500 Quail for nearly two decades and recently invested approximately $2 million in capital improvements, making this asset even more attractive to buyers seeking ownership opportunities in Newport Beach - one of the nation’s most prestigious business addresses,” said Jones. “Class A office assets in this market are extremely rare and we received a number of quality offers from a variety of high net worth and institutional investors.”
Located off the 73 freeway and near the John Wayne Airport, the property features exterior balconies on the upper floors provide tenants with unobstructed regional views, contemporary interior finishes, a revitalized exterior patio area, modernized elevator, flexible and efficient floor plates and suites sizes and 357 surface parking stalls.
About Newmark Capital Markets
Newmark Capital Markets, operated by Newmark Group, Inc., is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, our 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents.
We provide access to a wide range of services, including asset sales, sale leasebacks, mortgage and entity-level financing, equity raising, underwriting and due diligence. The transactions we broker involve vacant land, new real estate developments and existing buildings. We specialize in arranging financing for most types of value-added commercial real estate, including land, condominium conversions, subdivisions, office, retail, industrial, multifamily, student housing, hotels, data center, healthcare, self-storage and special use. For further information, visit www.ngkf.com/capitalmarkets.
Newmark Group, Inc., which is listed on the NASDAQ Global Select Market under the symbol “NMRK”, is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”), a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol “BGCP”. BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol “BGCA”.
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. 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 and BGC’s Securities and Exchange Commission filings, including, but not limited to, any updates to such risk factors contained in subsequent Forms 10-K, 10-Q, or Forms 8-K.