The Orange County Register – Newport Beach offices sold to housing developer

This article originally appeared in The Orange County Register.

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.

The buyer was “a residential developer,” Buchanan reps said, though they offered no further details on plans for the property at 1400 and 1420 Bristol Street North.

“We were in the process of implementing the adaptive reuse of the buildings when we entered into negotiations with a residential developer,” said Matt Haugen at Buchanan Street Partners. “Based upon the property’s flexible zoning, we were able to accelerate our investment realization through a sale …”

Buchanan bought the campus in 2020 for $11.5 million. The 45-year-old buildings were just 22% leased at the time of the sale.