The Triangle To Receive Repositioning Effort

NEWPORT BEACH, CA-CBRE has been hired by Greenlaw Partners to advise on the creative-office repositioning of 27,000 square feet at the landmark Triangle retail center here. The space, located at 1870 Harbor Blvd., was previously occupied by Nike Town.

Greenlaw plans to enhance the space, which has been vacant since 2005, with the addition of a dramatic new window line and new operable windows and roll-up doors that will lead to patio meeting areas exclusive to the tenant. The space will also feature exposed ceilings, rigid ducting and concrete floors. It will also have the flexibility of a +/-5,000-square-foot employee “retreat” area for employees to take breaks. Renovations begin imminently and are scheduled to be completed by March 2014.

“Companies are recognizing that their offices are a reflection of their culture and who they are,” says Jeff Pion, vice chairman at CBRE, who along with Simon Dillon and Jason Katz, are handling the repositioning and leasing of the asset. “Creating an environment that is creative, collaborative and fun to be in has become a competitive advantage to some firms. We believe that the Triangle offers the right company a rare opportunity in the marketplace, and we are excited about being involved.”

The Triangle is an entertainment and dining center located directly off Newport Blvd., where the 55 South freeway comes to an end. The former Nike Town space has the most prominent and largest street-front square footage within the center, visible by up to 250,000 cars that drive past the center daily.

“The existing space lends itself perfectly to a creative user,” says Katz. “With the current and growing demand in Orange County for creative-office space, now is the right time to reposition this high-profile asset.”

According to Dillon, the Triangle offers a full package of amenities, including restaurants, gyms and shopping. “Also, its proximity to nearby Newport beaches provides opportunity for biking and other outdoor [activities].”

Pion adds that one of the major aspects of the creative-office trend that has been missing form Orange County has been the work/live/play lifestyle that is seen in Santa Monica. “With the introduction of this space at the Triangle, Orange County is getting its first taste of the Santa Monica lifestyle.”