Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of 5000 Birch Street, a two-tower Class A office asset in Newport Beach, California. The property encompasses 310,553 square feet.
This transaction represents an ideal Class A office investment opportunity, positioned to capitalize on the future of office. The buyer plans to infuse significant capital to complete renovations already pursued by the seller.
Orange County’s office market is expected to outperform nationwide trends due to significant supply reductions and increasing hub-and-spoke business footprints. The property's location adjacent to UCI Health’s new Irvine Medical Center enhances its appeal.
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