El Segundo-based Ocean West Capital Partners remains on the hunt for local office investments, a month after selling one of its more prominent local towers.
Ocean West and financial partner Rockwood Capital of San Francisco this month completed the purchase of 1301 Dove, a 10-story office in Newport Beach near John Wayne Airport.
The 215,000-square-foot building sold for $64 million, or $298 per square foot. The property traded in an off-market transaction brokered by Newmark.
The seller was an affiliate of Prudential Investment Management, which paid a reported $72.3 million for the office in 2015, according to CoStar Group Inc. records.
It put another $11.5 million into the complex to update the property about three years ago, according to Newmark brokers that worked on the deal.
Higher-end buildings in OC’s airport area can command prices approaching $400 per square foot, if not higher.
Why the relatively low price?
Alliant Insurance is the complex’s largest tenant, but the insurer is moving its headquarters to the Irvine Towers office complex next year, which will cut occupancy at 1301 Dove to under 50%.
Santa Ana Sale
Ocean West, whose execs count ties to Maguire Properties, was part of the team that two months ago sold the Two MacArthur office tower in the South Coast Metro area of Santa Ana. That nine-story building sold for a reported $98 million, or $446 per square foot, to Boyd Watterson Asset Management, a Cleveland-based investor in commercial properties leased to government agencies,
The fully-leased Two MacArthur building is occupied by the State of California under a long-term deal.
