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California  + Orange County  + Office  | 

IPA Closes Sale of Two-Tower Newport Beach Offices

Institutional Property Advisors (IPA), a division of Marcus & Millichap, closed the sale of 5000 Birch St., a two-tower Class A office asset in Newport Beachencompassing 310,553 square feet. Terms of the sale were not disclosed.

“This was an ideal Class A office investment opportunity that is well positioned to capitalize on the future of office,” said IPA senior director Mark DeGiorgio, who closed the sale on behalf of the institutional seller and the buyer, Joe C. Wen. “There is significant growth planned for this micro market, including hundreds of new housing units, helping to solidify this urban node.”

Built in 1983 and significantly renovated by the seller, the glass and steel office campus is adjacent to UCI Health’s newly constructed Irvine Medical Center featuring the Joe C. Wen & Family Center for Advanced Care. The 10-story West Tower connects to the six-story East Tower via a mezzanine floor.

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Inside The Story

IPA's DeGiorgio

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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