Buyer’s Search for Rare Value-Add Office with a Newport Beach Address Pays Off

1301 Dove, a 214,858-square-foot 10-story class-A office building in Newport Beach, recently sold for $64 million or $298 per square foot. The buyer, a joint venture between Ocean West Capital Partners and Rockwood Capital, was looking for the rare opportunity to acquire a value-add class-A office building with a Newport Beach address. The property traded in an off-market transaction.

Newmark’s Kevin Shannon, Paul Jones, Brunson Howard, Ken White and Brandon White represented the seller, a Global Real Estate Investment Advisor. Newmark’s David Milestone and Brett Green arranged the financing on behalf of Ocean West and Rockwood Capital.

“With an address that boasts the prestigious Newport Beach name along with the ideal location in the Greater Airport Area submarket and a fully renovated class-A building, this property will reap the benefits of being able to draw on two major demand drivers: tenants desiring to land in Newport Beach and those that wish to office in the CBD of Orange County,” said Jones.

Originally built in 1980, the property underwent a transformational $11.5 million capital renovation plan in 2018.

“1301 Dove allowed the buyer to capitalize on a rare opportunity to purchase a value-add deal that has also benefited from a recent comprehensive repositioning plan,” Shannon adds.