**Archer, REDA Partner on Newport Beach Medical Office Redevelopment**
A joint venture between Archer Property Partners and Real Estate Development Associates (REDA) has acquired a 78,000-square-foot office building located at 3300 Irvine Avenue in Newport Beach. The partnership plans to redevelop the property into the Newport Irvine Medical Center, a state-of-the-art medical outpatient building (MOB).
Originally developed in 1980 by The Koll Company, the building has historically served as a traditional office space. With the ongoing decline in demand for conventional office usage, accelerated by the pandemic, the new ownership plans to reposition the asset for medical use – a sector experiencing robust demand in the area.
“Newport Beach is one of the most sought-after locations for medical office space in Southern California,” said R.J. Sommerdyke, Principal at Archer. “Medical office vacancy in the city is exceptionally low — less than 5% — with a severe lack of large blocks of contiguous space. Currently, there is only one space larger than 10,000 square feet available citywide. Many existing MOBs are aging and no longer meet the needs of today’s providers, making redevelopment projects like this essential.”
This transformation aims to address the urgent need for modernized medical facilities in the region by delivering upgraded and right-sized space tailored to today’s healthcare providers.
