RTC to Move from Costa Mesa to Newport Beach
The Resolution Trust Corp. announced this week that it will move from its Costa Mesa location to a high-rise building in Newport Beach by the end of the year.
The local RTC bureau, called the Coastal Consolidated Office, signed a five-year, $12.8-million lease to rent about 50%--or 158,000 square feet--of the Koll Center Newport on MacArthur Boulevard. The Koll Co. and Aetna Life and Casualty Co. co-own the complex.
The announcement had been expected for months. RTC officials said earlier this year that they need to expand operations here from 360 to 800 employees who manage, market and sell assets from failed savings and loans.
Employees in the Costa Mesa bureau, which opened in April, 1990, have been crammed into a stylish Spanish-Colonial building on Newport Boulevard, the former headquarters of defunct Pacific Savings Bank.
The Coastal Consolidated Office, the largest of RTC’s 14 field offices, sells government-controlled properties in California, Oregon, Washington, Alaska and Hawaii.