New York Life has sold a seven-story, 90,715-square-foot office building located at 1500 Quail Street in Newport Beach, California, to a joint venture between Lincoln Property Company and an institutional advisor for $32.14 million.
Built in 1983 and renovated in 2017, 1500 Quail is situated on nearly five acres and is 91 percent leased to 17 tenants including Northwestern Mutual, Ticor Title, Alera Group, and BB&T. It is located off the 73 freeway and near the John Wayne Airport.
The property features exterior balconies on the upper floors provide tenants with unobstructed regional views, contemporary interior finishes, a revitalized exterior-patio area, modernized elevator, flexible and efficient floor plates and suites sizes, and 357 surface parking stalls.
Paul Jones, Kevin Shannon, Blake Bokosky, Brunson Howard, Rick Stumm, and Brandon White of NKF Capital Markets represented the seller in the transaction. The buyer was self-represented.
“The seller has owned 1500 Quail for nearly two decades and recently invested approximately $2 million in capital improvements, making this asset even more attractive to buyers seeking ownership opportunities in Newport Beach — one of the nation’s most prestigious business addresses,” Jones says. “Class-A office assets in this market are extremely rare, and we received a number of quality offers from a variety of high–net worth and institutional investors.”