IRVINE, CA – May 4, 2011 – (RealEstateRama) – ORION Property Partners, Inc., has announced the completion of the restructure, modification, and extension of Surterre Properties, Inc.’s 19,592-square-foot lease at 1400 Newport Center Drive in Newport Beach, Calif. Surterre Properties is a full-service residential real estate solution encompassing more than 250 top-ranked real estate professionals. The firm sells more residential real estate from its Newport Beach headquarters than any other single office in Orange County.
ORION Property Partners, Orange County’s leading commercial real estate brokerage firm, represented the tenant, Surterre Properties, in the transaction. The Irvine Company, the building owner, represented itself in the six-year lease valued at approximately $4.5 million. The real estate firm hired Jay Carnahan and Troy Leland of ORION Property Partners because of their deep market knowledge, longstanding relationships with the Irvine Company, and their unique insight on restructuring win-win lease transactions.
1400 Newport Center is part of the Irvine Company’s Corporate Plaza, a collection of low-rise, class A steel framed office buildings in close proximity to Fashion Island and Corona Del Mar Plaza.
ORION Property Partners is a dominant brokerage firm in Orange County’s office market, specifically for the Airport Area submarket.
All told, ORION’s senior-level team of brokers has been involved in the development and management of in excess of 10 million square feet of the Airport Area’s 26.9 million square foot class A office market, giving them a valuable perspective on this highly sought after office market. The ORION team has been the leasing representative for some of the nation’s leading institutional owners including: Shorenstein, MPG Office Trust, TA Associates, Kilroy, Hines, RREEF, Equity Office Properties, and Starwood Capital. In 2010, ORION completed more than 200 transactions, including: the 127,750-square-foot CashCall, Inc. lease at 1600 S. Douglas in Anaheim, the 65,131 square foot Morgan Drexen lease at Pacific Arts Plaza, and the restructure and extension of LA Fitness’ more than 60,000 square foot lease at 2600 Michelson. The firm is actively negotiating more than one million square feet of office lease transactions for a number of notable companies.
About ORION Property Partners:
ORION Property Partners is a premier commercial real estate firm in Orange County. Based in Irvine, the firm provides a high level of client service in project leasing, tenant representation, and consulting, handling office properties ranging from single property to full portfolios. The team’s unique culture is focused on a select client list minimizing conflict of interest and maximizing client service and transaction success. For more information, visit ORION at www.oppre.com.