IRVINE, CA– HFF announced today that it has closed the sale of Newport Plaza, a 107,472-square-foot, Class A office building in Newport Beach, California.
HFF marketed the property on behalf of Equity Office. A fund managed by Goldman Sachs Asset Management purchased the asset free and clear of existing debt.
Newport Plaza is located at 895 Dove Street just south of Orange County’s John Wayne Airport proximate to State Routes 73 and 55 and Interstate 405. Built in 2000, the institutionally maintained building is 98 percent leased and serves as the headquarters for Newmeyer & Dillion, LLP.
HFF’s investment sales team representing the seller was led bysenior managing directors Ryan Gallagher and Richard Plummer, managing director Mike McCann and director Tim Geiman. John Weiner, Jeff Morgan and Dean Chandler of CBRE acted as the local market leasing broker on the sale.
Equity Office is one of the largest and most well-respected commercial real estate firms in the nation, with a portfolio encompassing 60 million square feet of Class A office space under management in superior locations throughout the country. For more information, visit www.equityoffice.com.
Goldman Sachs Asset Management is the asset management arm of The Goldman Sachs Group, Inc. (NYSE: GS), which manages $849 billion as of June 30, 2013. Goldman Sachs Asset Management has been providing discretionary investment advisory services since 1988 and has investment professionals in all major financial centers around the world. The company offers investment strategies across a broad range of asset classes to institutional and individual clients globally. Founded in 1869, Goldman Sachs is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 21 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit www.hfflp.comor follow HFF on Twitter at www.twitter.com/hff.
Holliday Fenoglio Fowler, L.P., acting by and through Holliday GP Corp., a real estate broker licensed with the California Department of Real Estate, License Number 01385740.