NEWPORT BEACH, Calif.--(BUSINESS WIRE)--Lincoln Property Company has acquired 1500 Quail, a Class A office high-rise located in Newport Beach. The deal, led by Lincoln’s LPC West team in Orange County, exemplifies the company’s expanded real estate investment activities in Orange County.
The seven-story building comprises more than 90,000 square feet and is 90 percent leased to a variety of blue-chip tenants. Built in 1983, the building was previously home to the Orange County headquarters of tech giant Apple.
“1500 Quail represents a rare opportunity to acquire a Class A office tower in Newport Beach at an attractive basis,” said Anthony Zegers, vice president of LPC West. “Over 50 percent of our tenants are credit rated, which provides a very stable cash flow over our investment period.”
Most recently renovated in 2017, the building is attractive to tenants looking for a boutique office experience within the heart of Newport Beach. Recent 1500 Quail improvements include a new ground floor lobby, landscaping, and outdoor common areas. The building has 100 percent surface parking, an increasingly rare amenity in Southern California office buildings.
LPC West has planned a series of upgrades to the building’s outdoor gathering space, with the goal of retaining the existing tenant roster and attracting new tenants to the limited available space.
Just minutes from the 73-toll road and the 405 freeway, as well as John Wayne Airport, 1500 Quail enjoys regional accessibility. The building is also a short drive to two hallmark Orange County shopping centers— Fashion Island and South Coast Plaza—as well as nearby restaurants including Café 4100, Flemings Steak House, and Wildfish Seafood Grille.
“The fundamentals and pricing of 1500 Quail are outstanding,” said Zegers. “We’re very proud to have this trophy asset in our portfolio.”
LPC West has several major projects underway in Orange County. Earlier this year, LPC West announced a major construction overhaul of Katella Office Campus, a 150,000-square foot office property on 9.6 acres next to Los Alamitos City Hall. Last year, LPC West broke ground on FLIGHT at Tustin Legacy, a 38-acre creative office campus encompassing nearly one million square feet within the master-planned community of Tustin Legacy.
About Lincoln Property Company
Lincoln Property Company, founded in 1965 by its chairman Mack Pogue, is a privately-owned real estate firm involved in real estate investment, development, property management and leasing worldwide. Lincoln has offices in all major markets of the U.S. and throughout Europe. Lincoln’s cumulative development efforts have produced over 130 million square feet of commercial space and over 212,000 multifamily residential units. Lincoln Property Company is the second largest apartment manager in the United States. Access www.lpcwest.com for more information.