The law firm Rutan & Tucker has signed a 12-year lease to relocate its Costa Mesa headquarters to The Boardwalk in Irvine.
Rutan & Tucker has leased some 72,000 square feet, occupying the entire top floor and a portion of the eighth floor. The law firm also secured building-top signage as a result of the relocation deal, according to Cushman & Wakefield, which brokered the deal.
The firm has been in its current space at 611 Anton Blvd. in Costa Mesa since 1981.
Bob Thagard, Christopher Bosley, Ali Anderson, and Jason Ward from Cushman & Wakefield’s Irvine office, in partnership with Sherry Cushman from the Washington, D.C. office and the firm’s Legal Sector Advisory Group, represented the tenant in the transaction. Terms of the lease were not disclosed.
Trammell Crow Co., developer-owner of The Boardwalk, was represented by Dean Chandler, Justin Hill, and Weston Chandler, who serve as leasing agents for the property.
Located at 18565-18575 Jamboree Road in Irvine, The Boardwalk is a 7.5-acre site with more than 550,000 square feet of office space. The two-tower, nine-story project was designed by Gensler and integrates signature bridge-ways, outdoor terraces, and open-air features. The property also has 7,000 square feet of restaurant and retail space.
Beach probate sale lands $5.7M
A mixed-use building on the corner of Main Street and Edgewater Place in Newport Beach has sold for $5.7 million in a probate sale, according to Kidder Mathews.
The building was one of many assets in the estate, the brokerage said in a statement. Kidder Mathews’ multifamily brokers, Steven C. Brombal and Joshua Y. Rhee, represented the seller and the buyer in the transaction.
The building, adjacent to the Balboa Pavilion, includes 17 units, 12 residential units above five ground-floor retail tenants.
The buyer, an investor from the Calabasas area, plans to completely renovate and upgrade the property.
“This was a generational opportunity to acquire a value-add property with incredible upside in a historic and irreplaceable location, essentially atop the Newport Harbor,” said Brombal.
Little Saigon center sells
Marcus & Millichap has closed the sale of Westminster Golden Center at Westminster Boulevard and Swan Avenue in Little Saigon for $7.05 million.
The property includes three retail buildings totaling 16,480 square feet with 11 retail suites on 1.5 acres.
Michael C. Matter and Aveesh Singroha, of Marcus & Millichap’s South Bay office, represented the seller, a private investor. The buyer, also a private investor, was represented by Michael C. Matter and Aveesh Singroha.
Joe’s Crab Shack site sells
Valore Ventures has sold the 8,030-square-foot Joe’s Crab Shack at 12011 Harbor Blvd. in Garden Grove for an undisclosed sum.
Led by Kenny De Angelis, Valore Ventures is also marketing two other sites from its original Grove Garden acquisition, Oggi’s Pizza & Brewery and Outback Steakhouse.
The company sold the 7,346-square-foot Red Robin property at 12007 Harbor Blvd. to a private investor for $3.4 million in late January.
Built between 2001 and 2008, the restaurants bought by Valore for $13.1 million are all subject to long-term ground leases and are part of a larger development that includes three high-rise hotels and a 2.78-acre parking lot owned by the hotels but is exclusively for restaurant use.
Matthew Mousavi and Patrick Luther of SRS Real Estate Partners’ National Net Lease Group represented Valore Ventures in the sales.
Expanding to OC
Seattle-based BNBuilders has opened its first Orange County office in Newport Beach.
Designed by Ware Malcomb, the new 4,000-square-foot office will serve the firm’s clients in the Los Angeles, Orange County and Inland Empire markets.
Sean Fowler joins the BNBuilders team as its first project executive working from the Newport Beach office. His previous projects range from a $167 million, 200,000-square-foot manufacturing facility in Glendale to a $21 million library expansion and renovation at Fuller Theological Seminary in Pasadena.
Kimpton project begins
Irvine-based R.D. Olson Construction has begun renovation work on Kimpton Hotel Wilshire.
The 41,900-square-foot boutique hotel was originally built by R.D. Olson in 2011, converting a 1951 office building.
The renovation will encompass a full modernization of the Los Angeles hotel’s 74 guest rooms, as well as a revitalization of the rooftop deck and other common spaces.
Hotel Wilshire will remain open during construction, which is expected to be completed by fall, the firm said in a statement.