Opened in November, a set of executive suites at one of the county's poshest office addresses is already 40% leased, although the owner says he has had to make some concessions on the leases to get tenants in the door.
Executive suites, which have proliferated around John Wayne Airport and other office neighborhoods, are designed for small businesses that may need only a single office. The tenants share common secretarial services, a receptionist and amenities such as conference rooms.
XI/620 on the 11th floor of a Newport Center high-rise tries to one-up other executive suites with its prestigious, spiffier office furnishings and a lot of service, including a steward who will get your shoes polished and your laundry done.
Basic rents range from $750 a month for a small, inside office to $2,500 a month for a corner office with lots of windows.
This is the Bingham Group's first executive suite project, according to Stephen E. Turner, president of the small real estate development company.
Turner said he is trying to snag small branch offices of out-of-town companies, new businesses that need a snazzy office to impress clients and professionals such as lawyers and accountants in a solo practice who only need a small office.
To get some tenants to sign long-term leases, however, Turner says he has cut into potential profits by offering deals on some of the services the suites offer.