Mark IV Capital plans to occupy the second floor and rent out the first floor.

NEWPORT BEACH, CA—Driver SPG, the Anaheim-based affiliate of C.W. Driver, has begun construction on the new headquarters of Mark IV Capital at 4450 MacArthur Blvd. here. The building, located near Santa Ana Airport, replaces the firm’s current Newport Beach headquarters and is scheduled for completion in November.

The scope of the project includes construction of a 21,000-square-foot, two-story office building in addition to a 9,142-square-foot underground parking garage. Mark IV plans to occupy the second floor and rent the first once the renovation has been completed.

The firm tells GlobeSt.com that office is new construction and is being built on what was previously a parking lot. Total anticipated construction cost for the core and shell and tenant improvements is approximately $7.8 million.

The site is located directly adjacent to MacArthur Blvd. near a high-traffic intersection. To mitigate these challenges, the team created an intuitive phasing and construction schedule for the project to avoid closures of MacArthur Blvd.

According to Karl Kreutziger, president of Driver SPG, “In a commercial-office project of this nature, timing is key. We’re working closely with Mark IV Capital and the design team to ensure that all project goals are identified early in the project so that our team can plan the timely release of materials and tasks to ensure construction flows continuously without interruption.”

The first phase of the project includes the removal of paving, excavation of the basement garage and ramp area and minor grading of the site. The second phase marks the construction of the building’s shell and core.

The office building will be steel-framed construction with travertine stone veneer, curtain wall glazing and a two-story, structural-glass entrance. With the travertine stone carrying a five-month procurement time, adding to the addition time to ship from Turkey, Driver SPG worked with the design team to revise the construction schedule in order to allow for the natural stone cladding to be installed out of sequence and complete the project in the designated time frame.

Joining Kreutziger on the project team is Matt Loorya, director of operations; Matt Trenton, project manager; Art Torres, superintendent; and Andrew Borchman, project engineer. Other project consultants include Ware Malcomb Inc., architect; Wright Engineers, structural and MEP; and RBF Consulting, civil engineer.

As GlobeSt.com previously reported, Kreutziger was recently promoted from EVP to president of the affiliate, which focuses on renovation, modernization and smaller new-construction projects. Kreutziger will lead project teams in the preconstruction and planning phases as well as oversee client relations.