Ocean Plaza, the 14-story office tower in Huntington Beach that sold for $97 million three years ago, is being rebranded as Point Break Tower at Ocean Plaza.
The office tower and its mixed-used plaza on 8.6 acres date back to the national savings and loan crisis 35 years ago. Built in 1985 by Mola Development in a mostly residential neighborhood, it was first called Charter Centre. In 1988, it was bought by Guardian Savings for $55 million to be the S&L’s headquarters.
The lender, one of the original in the subprime category, was later seized by federal authorities in 1991 after it was determined the scheme was hurting borrowers.
Today, Stream Realty Partners will be tasked with leasing the 205,000-square-foot Class A building at the intersection of Beach Boulevard and Warner Avenue.
Owner Onni Group of Vancouver of British Columbia has renovated the tower’s corridors, restrooms and elevators, adding a polished marble lobby, lounge, conference rooms, six-story parking structure and on-site property management and engineering staff.
The top two floors have a gym with basketball and racquetball courts, showers and locker rooms, and a large executive office with a private shower, restroom, and wet bar.
First Foundation keeps its OC hub after Dallas relocation
The personal and commercial bank First Foundation Inc. has renewed its 72,427 square-foot-lease at Lakeshore, a 900,000-square-foot office campus in Irvine.
The campus at 18101 Von Karman Avenue has a newly remodeled courtyard, new restaurants and an upgraded parking garage.
First Foundation, which moved its headquarters to Dallas a year ago, will use the Irvine office space for its executives and operations associated with its subsidiaries, First Foundation Bank and First Foundation Advisors.
“While First Foundation Inc. realized the benefit of relocating its headquarters to Texas, they also understood that Orange County was a strategically important market,” said Serge Vishmid, managing principal of Atlas Capital Advisors, which represented First Foundation. “After touring and evaluating numerous office buildings in Orange County, it was decided that staying in their current location was the best option.”
The landlord, SENTRE, was represented by Cushman & Wakefield.
Brea office building sells for $7.6M
A 27,258 square foot, three-story multi-tenant office building in Brea has traded hands for $7.6 million, according to Lee & Associates in Orange.
The property at 2650 E. Imperial Hwy. was bought by an unidentified owner-user that works in medical case management.
John Son at Lee & Associates represented the unidentified seller.
Industry movers & shakers
Victor Pham has been promoted to project manager in the Irvine corporate office of Fuscoe Engineering Inc. His engineering tasks include grading, drainage, utility infrastructure and site hydrology. He also performs environmental water quality research and design to minimize stormwater runoff effects on local watersheds. Pham is currently providing engineering services for two Pulte Homes projects in Rancho Mission Viejo’s Rienda master-planned community. He’s also working for the Irvine Co. on new wrap-style apartment communities that feature pool areas and open space amenities, and these projects will soon be in the final design phases.
The Smith Group, a Coldwell Banker Global luxury property brokerage in Newport Beach, has added Bill Forsythe and Coleen Brennan to its team. The pair has 30 years combined of real estate experience. Both are Newport Beach residents.
Real estate transactions, leases and new projects, industry hires, new ventures and upcoming events are compiled from press releases by contributing writer Karen Levin. Submit items and high-resolution photos via email to Business Editor Samantha Gowen at sgowen@scng.com. Please allow at least a week for publication. All items are subject to editing for clarity and length.
Source: Orange County Register
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