Steadfast Buys Land for Offices

Steadfast Properties has bought five acres in Newport Beach that it plans to develop into a pair of campus-style office buildings costing $20 million.

The Newport Beach developer said it will build nearly 100,000 square feet of offices on the land, at 20401-11 Birch Street. The site became available when another developer failed to build on the property in the early 1990s, the company said.

McCarthy Construction, which was hired to build the structures, said it will occupy roughly 22,000 square feet when the first building is expected to be completed later this year. Steadfast added that an additional 10,000 square feet has been leased.

Gil Marrero, an agent for Voit Commercial Brokerage, represented Steadfast in the deal, while the Staubach Co. represented McCarthy.