Lincoln Property Co. Buys Office Tower in Newport Beach
“1500 Quail represents a rare opportunity to acquire a Class A office tower in Newport Beach at an attractive basis."
NEWPORT BEACH, CA–Lincoln Property Co. has acquired 1500 Quail, a Class A high rise office here. The deal was led by Lincoln’s LPC West team in Orange County.
The building, built in 1983, encompasses more than 90,000 square feet, has seven stories, and is 90% leased to a variety of tenants. 1500 Quail is near two Orange County shopping centers, as well as numerous restaurants. LPC West has planned numerous upgrades to the building’s outdoors, with the goal of retaining the existing tenant roster and attracting new tenants.
Anthony Zegers, vice president of LPC West, stated, “1500 Quail represents a rare opportunity to acquire a Class A office tower in Newport Beach at an attractive basis. Over 50% of our tenants are credit rated, which provides a very stable cash flow over our investment period.”