Office Condos Are Ramping up in OC

Bonaparte: “The office-condo concept is something that is well-received and understood for the most part as the sharing economy continues to expand.”

IRVINE, CA—Businesses can lock in the security of a fixed real estate cost and own a piece of a class-A asset by investing in office condos , PRES Cos. ‘ managing principal David Bonaparte tells GlobeSt.com. In April, JV partners PRES, CitiVest and Bitcentral held a launch event for 4340 Von Karman in Newport Beach, Orange County’s only class-A office-condo project. The newly renovated, four-story building within Koll Center Newport welcomed more than 80 brokers and business people as well as Newport Beach Mayor Diane B Dixon who presented the team with a certificate. She said this project was an exciting development for Newport Beach and supported the concept of ownership of office space. We spoke exclusively with Bonaparte about the office-condo market and what led his firm to the 4340 Von Karman venture. GlobeSt.com: How important is the office-condo market to Orange County at this time? Bonaparte: I think this market is very important. Owner-user opportunities are in high demand because a business can lock in the security of a fixed real estate cost and own a piece of a class-A asset. There just isn’t availability here for these types of properties, and 4340 Von Karman is filling a void for small- and medium-sized businesses to own commercial-office space in high profile building. GlobeSt.com: What market conditions have led to your company’s 4340 Von Karman venture? Bonaparte: With rents moving upward and vacancies shrinking, we identified the opportunity to provide a class-A office-condo product that, surprisingly enough, is the only project with availability in all of Orange County. PRES has a solid track record of delivering successful office-condo suites to the market including 1101 Dove and 1100 Quail , also in Newport Beach, as well as one at 1122 E. Lincoln in Orange. 4340 Von Karman is certainly our most exciting office-condo project yet. GlobeSt.com: Has the sharing economy had any impact on this development? Bonaparte: The office-condo concept is something that is well-received and understood for the most part as the sharing economy continues to expand. The cost-saving benefits of sharing common areas such as a kitchen, conference room and outdoor areas are significant to smaller companies. Unlike a freestanding owner/user building that typically incorporates just the basics, an office-condo property like 4340 provides amenities and high-end finishes that can be enjoyed by all the tenants, help elevate a corporate brand, and facilitate employee attraction and retention. GlobeSt.com: What else should our readers know about this project? Bonaparte: We have a streamlined process for buyers. There are SBA financing options in place, as well as turnkey buildout options. Additionally, this property underwent more than $2.5 million in major renovations led by 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 a new HVAC energy-management system. It is also undergoing LEED certification and features a lake and outdoor seating areas. And last, but certainly not least, the property is located in one of the best business hubs in the county. Within Koll Center Newport office campus, the property is 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.