Airport Submarket Rings Up $12M

In the larger of the two leases, Newport Beach-based accounting firm Squar, Milner, Reehl & Williamson has signed a seven-year, $2.7-million lease renewal at 4100 Newport Place. The firm will now occupy a total of 13,311 sf, according to Steve Lane of Voit, who represented the tenant, with Simon Dillon and Mark Friend of CB Richard Ellis representing the landlord, Newport Place Corp.

In the other lease, Heritage Escrow has signed for more than 15,000 sf of office space at 2955 E. Main St., expanding by 50% and renewing for six years at the building, according to Doug Killian of Voit's Irvine office, who represented landlord Pacific Western LLC in the $2.3 million transaction. Heritage was represented by Wayne Lamb of the Staubach Co. Killian notes that Pacific has owned the building for eight years and is currently renovating all of the common areas. The property is a three-story, 32,000-sf office building with a private garage.

The leases continue a trend reported by Voit earlier this year, which showed that the Orange County office market finished 2003 with such strong leasing in the fourth quarter that 2003 turned out to be one of the biggest years ever for net absorption of space--despite a year in which many office market specialists described leasing as improving but still generally weak.

In the larger of the two recent sales, Ru Investments LLC acquired an 18,000-sf office building at 2350 S.E. Bristol St. in Newport Beach from the Mareeba Trust for approximately $4 million. Voit's Tony Gleason, who represented the buyer, notes that the sale was one of four recent transactions in the airport area submarket, which is the largest office submarket in Orange County with approximately 30 million sf of space. Chris Chinnici of Collins Commercial Corp. and Christen Nilsen of Coast Newport Properties represented Mareeba Trust.

In the second sale, Swinerton Real Estate bought a 20,500-sf office building at 17731 Mitchell North in Irvine from Mitchell North Partners for $3.2 million, with Voit Irvine brokers John Griffin and Mark Weeks representing Mitchell North. Drew Netherton of Cushman & Wakefield represented the buyer.