Another trophy office building in Orange County has been sold. Granite Properties has acquired 100 Bayview, a six-story, 346,334-square-foot, class-A asset in Newport Beach, California, from an undisclosed seller represented by Eastdil Secured, according to a statement released by a representative of Granite.
SoCal Real Estate reached out to the representative for more information on the seller and the sale price. The rep was unable to reveal the sale price; information about the seller was not forthcoming by deadline.
The statement says the purchase allows Granite to continue to expand its Southern California portfolio, which includes the ownership and management of six class-A office buildings totaling more than 1.7 million square feet in the region. The firm owns and manages Orange City Square in Orange, 2600 Olive in Burbank, and 500 and 550 @TheBrand in Glendale, according to the release.
According to the source, 100 Bayview has undergone a number of recent renovations, and Granite is planning more improvements to the lobby and outdoor common spaces, including balconies and private patios. Granite will also manage the property, the release says.
The property offers visibility from SR-73 and immediate access to I-405 and SR-55, according to the statement, which adds that the location features a 250-room Marriott hotel with a Starbucks inside, three restaurants, an auto-detail and carwash service, dry cleaners, and a salon. The release also says a residential community surrounds the building, and John Wayne International Airport as well as shops and dining destinations like South Coast Plaza and Fashion Island are in close proximity. The building also offers an onsite fitness center and is walking distance from the Back Bay Loop Trail, according to the release.