**IPA Brokers Sale of 5000 Birch Street Office Towers in Newport Beach**
Institutional Property Advisors (IPA), a division of Marcus & Millichap, has completed the sale of 5000 Birch Street, a prominent two-tower Class A office campus in Newport Beach totaling 310,553 square feet. The financial details of the transaction were not disclosed.
“This was an ideal Class A office investment opportunity that is well positioned to capitalize on the future of office,” said Mark DeGiorgio, IPA senior director, who represented both the institutional seller and the buyer, Joe C. Wen, in the transaction. “There is significant growth planned for this micro market, including hundreds of new housing units, helping to solidify this urban node.”
Originally constructed in 1983, the property has undergone significant renovations and features a modern glass and steel design. The campus includes a 10-story West Tower connected to a six-story East Tower via a mezzanine level. It is located next to UCI Health’s recently completed Irvine Medical Center, which includes the Joe C. Wen & Family Center for Advanced Care.
5000 Birch Street stands as a key office asset in a rapidly evolving area of Newport Beach, poised to benefit from continued development and investment in the surrounding community.
