April 14, 2016
A joint venture between Irvine-based PRES Companies, CitiVest and Bitcentral launched 4340 Von Karman in Newport Beach, CA, the market’s only Class A office condominium project. The newly renovated, four-story building within Koll Center Newport underwent a $2.5-million renovation over the last 12 months.
4340 Von Karman offers 40,000 square feet of suites, to businesses ranging in size from 1,000 square feet to 20,000 square feet. Raw space ranges from the mid- to high-$400,000s, while finished space is in the mid- to high-$500,000s.
PRES’ Adam Espinoza says there’s “untapped” and “unprecedented” demand from small- to mid-sized businesses in OC. Tightening office vacancy rates and rising rents continue to drive companies to the product type, which provides fixed real estate costs, as well as a “rare“ opportunity to own a portion of a high-image office property in Newport Beach.
From left to right:Lobby of 4340 Von Karman; Fred Fourcher, CEO of Bitcentral, Diane Dixon, Mayor of Newport Beach, Dana Haynes, President of Citivest, David Bonaparte, Managing Principal of PRES Companies