Newmark Facilitates $44.25 Million Sale of Office Building in Orange County’s Aliso Viejo Submarket

May 31, 2024 12:00 PM

Newmark[1] announces it has facilitated the sale of 45 Enterprise, a vacant 242,706-square-foot office building in Aliso Viejo, California. The asset sold for $44,250,000.

Newmark Co-Head, U.S. Capital Markets Kevin Shannon, Vice Chairmen Rob Hannan, Paul Jones, Ken White and Senior Managing Director Brandon White represented the seller, Pacific Life Insurance Company. The buyer was Microvention, Inc.

Located at 45 Enterprise, the nine-story property is situated on a 5.2-acre lot and was originally constructed as a build-to-suit project in 2008. It has since undergone significant renovations to the lobby, cafeteria, locker rooms, meeting rooms and enhancement of floors 6-9, featuring large open floors plates.

“45 Enterprise was a strategic purchase for Microvention, Inc. and a great fit for their current footprint and future growth plans in South Orange County,” said Jones. “With the displacement of office product and lack of institutional investors, full or partial owner-users are seeing tremendous buying opportunities in today’s market.”

Shannon added, “Owner user office purchases are occurring at a higher frequency right now than I have ever seen in my career, especially in Los Angeles and Orange Counties. It is clearly another “green shoot” for the recovery process for office fundamentals.”

The property sits adjacent to the San Joaquin Hills (SR-73) freeway, with convenient access to the Santa Ana (I-5) and San Diego (I-405) freeways, providing connectivity to the Southern California region and top building signage.

[1] Dba Newmark Knight Frank in California

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Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ending December 31, 2023, Newmark generated revenues of approximately $2.5 billion. Newmark’s company-owned offices, together with its business partners, operated from approximately 170 offices with 7,400 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

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