March 14, 2023

NEWPORT BEACH, CALIF. — Buchanan Street Partners has 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. Located at 1400 and 1420 Bristol St. N., the property was 22 percent leased at the time of sale. Buchanan had initially planned to carry out an adaptive reuse initiative at the property until the buyer, a residential developer, showed interest.

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