7 Upper Newport Plaza
Newport Beach, CA
Closed on the sale of 7 Upper Newport 62 days after listing it.
- Building was 100% leased when the tenant on ground floor placed space available for sublease.
- Identified their need to vacate as an opportunity to sell the building to an owner user.
- Branded the building and emphasized creative lobby renovations within marketing collateral.
- Created an occupancy cost analysis to educate buyers on the terms and economics of the ground lease.
- Canvased market, calling on tenants with target square footage, talked to brokers, attended every tour.
- Negotiated Lease Amendment for ground floor tenant lease to terminate within 60 days of close of escrow.
- Successfully sold building within 2 months for $1,270,000.