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California  + Orange County  + Office  | 
Newport Beach Office Building Trades for $20M, Buchanan Street Partners is the Seller

Newport Beach Office Building Trades for $20M

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.


Inside The Story

Buchanan Street Partners

About Mark Nieto

Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.

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