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Office Building Sells In Newport Beach For $59.8M

Newport Beach office building sells for $59.8M

Newmark Knight Frank brokered the $59.8M sale of a Class-A office building at 4400 MacArthur Blvd. in Newport Beach.

The nine-story, 156,310 SF building, in the master planned Koll Center Newport, is 92% occupied by Bank of the West and Fidelity National Title Co., among other tenants.

The 38-year-old building recently went through an extensive two-year reno.

It has a reflective glass exterior, flexible floor plates and a two-level parking structure.

NKF Capital Markets President of the West Coast Kevin Shannon, Senior Managing Director Paul Jones and Director Blake Bokosky represented the seller, an East Coast-based pension fund adviser.

Jones said the property is an ideal long-term hold for the new owners.

The buyer, a JV between Greenlaw Partners and Hilrod, was self-represented.