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| 5000 Birch, Newport Beach, CA |
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| Ryan Gallagher |
IRVINE, CA -- Holliday Fenoglio Fowler, L.P.
(HFF) announced it has closed the sale of 5000
Birch, a two-building, Class A office property totaling 297,617 square feet
in Newport Beach, California.
HFF marketed the property
on behalf of the seller, an institutional client of Cornerstone Real Estate
Advisers. John Hancock Real Estate, the
U.S. Division of Manulife Financial Corp., purchased the asset.
5000 Birch consists of the
six-story East Tower and the 10-story West Tower, which combined are 80 percent
leased. Situated on 3.92 acres at the
gateway between Newport Beach and the Irvine Business Complex, the property has
easy access to Interstate 405, Highway 73 and the John Wayne Airport.
5000 Birch is also convenient to executive
housing in Newport Beach, Newport Coast, Corona Del Mar, Irvine and Laguna
Beach as well as the retail offerings at Fashion Island and South Coast Plaza.
The HFF investment sales
team representing the seller was led by senior managing director Ryan Gallagher, managing director Mike McCann, director Tim Geiman and associate director Derreck Barker.
“5000 Birch is one of only
five properties of its size within the city of Newport Beach and due to
restrictive city ordinances for new development, the new owner will likely face
zero supply risk within this prestigious zip code,” said Gallagher.
“In addition, the property
will greatly benefit from its location in the ‘Jamboree Corridor’ that is
redefining itself as a walkable, urban community with record levels of
residential and retail construction that will ultimately drive office demand,
higher occupancy and rent growth.”
For a complete copy of the company’s news release,
please contact:
Kristen M. Murphy
Associate Director
HFF | One Post Office
Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 |
Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com
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