Office condominiums building brings buyers to Newport Beach
- Share via
Commercial real estate brokers and business owners interested in buying their own corner of Newport Beach went to an open house Thursday for new office condominiums available near John Wayne Airport.
The second and third floors of 4340 Von Karman Ave., a newly renovated four-story office building in Koll Center Newport, were for sale. Partitioned into 11 suites each, the two floors total 40,000 square feet.
The first and fourth floors have already been purchased.
Owners of 4340 Von Karman believe the units are the only Class A office condos currently available in Orange County.
“There’s a demand for it, for sure, in this market,” said David Bonaparte, managing principal of PRES Cos., based in Irvine.
PRES, along with Bitcentral and Citivest, both based at 4340 Von Karman, compose the joint venture selling space in the building, which has received $2.5 million worth of renovations in the past year.
The work includes improvements to the common areas, remodeling the restrooms, installing solar panels on the roof and adding new exterior landscaping. The building, built in 1976, also is on its way toward becoming LEED-certified as water- and energy-efficient and environmentally friendly.
Buyers can get units starting at 1,000 square feet or own an entire 20,000-square-foot floor. Each floor has its own communal spaces such as a conference room and kitchen.
Pricing starts in the mid- to upper $400,000s for unfinished units, which as of Thursday still had exposed ceilings and concrete floors. Finished spaces, with new carpeting and other touches, start in the mid-$500,000s.
Bonaparte noted the floor-to-ceiling windows throughout the building, as well as units that offer views of a lake next to Von Karman Avenue.
“This is an exciting development for Newport Beach,” said Mayor Diane Dixon, who attended the open house. “I’m really intrigued with this concept of ownership of office space.”
Dixon presented Bonaparte and others a certificate of welcome from the city.
“I’m glad you’re bringing this concept to Newport Beach,” she said. “It’s exciting and welcoming for our business community.”
