Joint Venture Launches Class A Office Condo Project

NEWPORT BEACH, CA—The PRES Companies , along with joint venture partners CitiVest and Bitcentral , has launched 4340 Von Karman , a class A office condo project. Located within the Airport submarket and the business hub of Newport Beach, 4340 Von Karman offers a total of 40,000 square feet of office condominium suites to businesses ranging in size from 1,000 square feet to 20,000 square feet, starting at the mid- to high-$400,000s for raw space to the mid- to high-$500,000s for finished space.

4340 Von Karman is a class A office condo project located within the Airport submarket.

“There is currently no other class A office condo product on the market with availability in all of Orange County,” said Adam Espinoza , a director with PRES, who along with Wyatt Prichard and Morgan Casey , is leading the marketing efforts for the project. “As the trends of tightening office vacancy rates and rising rents continue, the demand from local businesses to own office space is unprecedented. The opportunity for a small business to have a fixed real estate cost as well as own a portion of a high-image office property in Newport Beach is very rare. We have already seen a strong amount of interest from buyers.” The four-story, 4340 Von Karman property underwent $2.5 million in major renovations led by Irvine-based interior design and architectural firm, SAA , over the last 12 months including a new lobby and restrooms, upgrades to all common areas, landscaping, new roof with solar panels, and new HVAC energy management system. The building is also undergoing LEED certification . The exterior also features a lake and outdoor seating areas. 4340 Von Karman is within the prestigious Koll Center Newport office campus and is ideally located across the street from the Pacific Club; is around the corner from the John Wayne Airport ; and provides easy access to the 73, 405, and 55 freeways. “PRES is very focused on identifying the needs of Orange County office users. Many small and medium-sized business owners are interested in owning their own high-end office building, but have very limited options. An office condo suite is the perfect solution to provide that option. We have had a history of delivering successful office condo suites to the market with projects at 1101 Dove and 1100 Quail, also in Newport Beach, as well as one at 1122 E. Lincoln in Orange,” noted David Bonaparte , managing principal with PRES. “4340 Von Karman is our most exciting office condo project yet. We have a system in place to that makes the acquisition process for buyers streamlined and turnkey.” Bonaparte added that there are SBA financing options in place as well as a design team to provide customized improvements to suites. 4340 Von Karman is currently occupied by CitiVest (full first floor) and Bitcentral (full fourth floor). The second and third floors, each totaling 20,000 square feet of space consist of 11 office suites on each floor with a brand new shared kitchen, lounge and conference room. Founded in 1995, The PRES Companies is a full-service, privately held real estate firm specializing in commercial real estate investment, management, operations and brokerage in key California markets. PRES has built a reputation for maximizing value for its institutional and private investors in the office, industrial and retail sectors. The firm focuses on identifying and acquiring opportunistic and core-plus properties in supply-constrained California markets with high barriers to entry at below replacement cost. Citivest, Inc. (Citivest) is a full service real estate investment company based in Newport Beach. For over 30 years Citivest has added value and achieved good returns for its capital partners through strategic acquisitions, ground-up development, and property repositioning, including renovation, leasing, and management improvements. Citivest’s strategic acquisition programs include the purchase of residential and commercial properties and secured notes, throughout the United States, with a concentration in California, Arizona, Texas and Nevada . During its 30 year history, Citivest has syndicated and acquired thousands of investment properties, including office buildings, industrial properties, retail properties, apartments, and single family homes. Bitcentral provides advanced video workflow solutions for broadcast and digital media. Bitcentral was founded in 2000 and is headquartered at 4340 Von Karman, Newport Beach. Its production and master control and automation solutions power over 200 North American broadcast operations and over 1,000 facilities worldwide.