As part of its growing investments in Orange County, Lincoln Property Co. has purchased 1500 Quail, a Class-A office building in Newport Beach, from New York Life for a reported $32M.
Built in 1983, the seven-story, 90K SF building at 1500 Quail St. is 90% leased. It was formerly the Orange County headquarters of Apple.
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Newmark Knight Frank represented New York Life. Lincoln Property was self-represented.
“1500 Quail represents a rare opportunity to acquire a Class A office tower in Newport Beach at an attractive basis,” Lincoln Property West Vice President Anthony Zegers said in a news release. “Over 50% of our tenants are credit rated, which provides a very stable cash flow over our investment period.”
New York Life renovated 1500 Quail in 2017. The upgrades included a new ground-floor lobby, landscaping and outdoor common areas.
Lincoln officials said they are planning another series of upgrades that include revamping the building’s outdoor gathering areas.
Lincoln Property’s acquisition is the latest office investment in Orange County. Last year, the company broke ground on the 38-acre FLIGHT at Tustin Legacy, which will feature 1M SF of creative office. Earlier this year, the company began renovations and construction on the Katella Office Campus, a 150K SF campus on 9.6 acres in Los Alamitos.
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