A private Newport Beach, CA real estate firm has acquired a two-building, 43,000-square-foot office property from Buchanan Street Partners for $20.4 million. Located at 1400 Bristol Street North and built in 1970, the asset was 22% leased at the time of sale. 

Buchanan Street purchased the property in 2020 for $11.5 million with plans to execute an adaptive reuse plan. “We were in the process of implementing the adaptive reuse of the buildings when we entered into negotiations with a residential developer,” said the firm’s SVP Matt Haugen. “Based upon the property’s flexible zoning, we were able to accelerate our investment realization through a sale to the developer.”

According to Buchanan Street Partners, the company will continue to seek out well located office properties for conversion to medical office or life science space, as those sectors continue to have strong tenant demand.