Newmark has completed the $59.8 million sale of 4400 MacArthur, a nine-story, Class A office building totaling 156,310 square feet in Newport Beach, CA. The property, which is located within the master-planned Koll Center Newport, is 92 percent leased by multiple tenants including Bank of the West and Fidelity National Title Company.
Newmark’s Capital Markets President, West Coast Kevin Shannon, Senior Managing Director Paul Jones and Director Blake Bokosky represented the seller, an East Coast-based pension fund advisor. The buyer, a joint venture between Greenlaw Partners and Hilrod, was self-represented.
“4400 MacArthur was a very rare opportunity to purchase a Class A office tower in the center of the John Wayne Airport submarket in Newport Beach,” said Jones. “The location, in addition to functional floor plates, prominent visibility along MacArthur Boulevard and the asset being within walking distance to the Pacific Club, make the property a great long-term hold for the new ownership.”
Built in 1979, 4400 MacArthur was extensively renovated from 2014 to 2016. It features a reflective glass exterior, flexible floor plates, and an exclusive-use two-level parking structure. The property is situated on just under two acres of land on MacArthur Boulevard, one of the busiest corridors in Orange County and offers easy access to the John Wayne Airport, 405 and 55 freeways, as well as State Route 73.
Newmark is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 14,100 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, Newmark’s strong foundation makes it one of the most trusted names in commercial real estate. Newmark’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
Newmark is a part of BGC Partners, Inc., 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 (NASDAQ: 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 (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit www.bgcpartners.com.