Lincoln Property Company has acquired 1500 Quail, a Class A office
high-rise located in Newport Beach. The deal, led by Lincoln’s LPC West
team in Orange County, exemplifies the company’s expanded real estate
investment activities in Orange County.
The seven-story building comprises more than 90,000 square feet and is
90 percent leased to a variety of blue-chip tenants. Built in 1983, the
building was previously home to the Orange County headquarters of tech
giant Apple.
“1500 Quail represents a rare opportunity to acquire a Class A office
tower in Newport Beach at an attractive basis,” said Anthony Zegers,
vice president of LPC West. “Over 50 percent of our tenants are credit
rated, which provides a very stable cash flow over our investment
period.”
Most recently renovated in 2017, the building is attractive to tenants
looking for a boutique office experience within the heart of Newport
Beach. Recent 1500 Quail improvements include a new ground floor lobby,
landscaping, and outdoor common areas. The building has 100 percent
surface parking, an increasingly rare amenity in Southern California
office buildings.
LPC West has planned a series of upgrades to the building’s outdoor
gathering space, with the goal of retaining the existing tenant roster
and attracting new tenants to the limited available space.
Just minutes from the 73-toll road and the 405 freeway, as well as John
Wayne Airport, 1500 Quail enjoys regional accessibility. The building is
also a short drive to two hallmark Orange County shopping centers—
Fashion Island and South Coast Plaza—as well as nearby restaurants
including Café 4100, Flemings Steak House, and Wildfish Seafood Grille.
“The fundamentals and pricing of 1500 Quail are outstanding,” said
Zegers. “We’re very proud to have this trophy asset in our portfolio.”
LPC West has several major projects underway in Orange County. Earlier
this year, LPC West announced a major construction overhaul of Katella
Office Campus, a 150,000-square foot office property on 9.6 acres next
to Los Alamitos City Hall. Last year, LPC West broke ground on FLIGHT at
Tustin Legacy, a 38-acre creative office campus encompassing nearly one
million square feet within the master-planned community of Tustin Legacy.
About Lincoln Property Company
Lincoln Property Company, founded in 1965 by its chairman Mack Pogue, is
a privately-owned real estate firm involved in real estate investment,
development, property management and leasing worldwide. Lincoln has
offices in all major markets of the U.S. and throughout Europe.
Lincoln’s cumulative development efforts have produced over 130 million
square feet of commercial space and over 212,000 multifamily residential
units. Lincoln Property Company is the second largest apartment manager
in the United States. Access www.lpcwest.com
for more information.
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