650 Newport Center Drive | To Be Completed In 2013
As one of the leading counties of Southern California, Orange County’s economy is continuing to show its’ economic strength. As more signs are seen and more reports are generated, positive results are coming together that highlight a strong future here. From one of the most top producing job markets to maintaining home value stability, Orange County is holding its’ ground in today’s market while making improvements for an ever bigger, stronger future; especially in the areas of office space for lease.
One tall tale sign seen is the growth of construction seen in Orange County’s commercial real estate. Reported by the Orange County Business Journal (OCBJ), details of an emerging building currently in progress is stated to be ‘the most prominent of office buildings to be built in Newport Beach in the last 30 years.’
Soon to be standing at 650 Newport Center Drive*, the in process building is described to hold up to 380,000 square feet, schedule to be completed near the end of 2013, and project to be Orange County’s most valuable office buildings due to the location and single tenant; Pimco, the world’s largest bond investor and part of Germancy’s Allianz SE, who is scheduled to move in sometime during 2014 once interior tenant enhancements have been completed.
Though the project’s complete cost has not been disclosed, estimations place the total cost above $85 million when combining the listed $66.5 million for the core portion of development and the $18.8 million for the included parking structure. With the sole tenant leasing out the building, Pimco is estimated to be paying monthly rent as high as $6 per square foot for the office space…if not more.
With the addition of 650 Newport Center Drive into the Orange County commercial market, office space for lease will have great shifts in 2013 and 2014. With new elements to consider in market observations, evaluations, and forecast, it’s valuable to know all factors that play a role into your building and or lease.
Working with ORION Property Partners in all of the various areas of Orange County’s commercial real estate for lease not only equips one with market knowledge and support, but provides a unique unit of industry professionals both well respected and successful in all given objectives. As a leading commercial real estate brokerage, ORION will continue to lead their clients in the forward direction and are excited to see the continual growth found in their home market of Orange County.
*As his first commercial building in Newport Beach, designer and architect Henry Cobb of New York-based Per Cobb Freed & Partners, has worked on other various projects and properties owned by the Irvine Co. in other areas such as a 550,000 square foot Irvine campus built for a Los Angeles based mutual fund manager Capital Group Cos. and an Irvine Co. office in downtown San Diego.