March 10, 2023

Let’s call this one a Newport Beach trifecta with yet more office space yielding to housing. Newport Beach-based Buchanan Street Partners sold a two-building, 42,697-square-foot office property in Newport Beach to an unidentified Newport Beach real estate firm for $20.4 million.

Newport Beach, CA (March 9, 2023) – Buchanan Street Partners, a Newport Beach, California-based real estate investment management firm, sold a two-building, 42,697-square-foot office property to a private Newport Beach real estate firm for $20.4 million. Buchanan purchased the offices in 2020 for $11.5 million with plans to execute an adaptive reuse plan for the property located at 1400 and 1420 Bristol Street North. Built in the late 1970s, it was 22 percent leased at the time of sale.