The Newport Summit Office Campus in Irvine, which was placed on the market in June 2023, has been sold to an entity affiliated with Los Angeles-based CityView. The transaction, which closed on March 4, 2025, was valued at $34.5 million.
The 112,938-square-foot office property, consisting of two three-story buildings located at 19600 and 19700 Fairchild Road, sold for approximately $305 per square foot.
This represents a decline from the previous sale price of $39 million in 2018, when Angelo Gordon acquired the property at approximately $345 per square foot, reflecting an 11.5 percent decrease in value over the seven-year period.
The 6.23-acre site, which was more than 80 percent occupied at the time of listing, had been marketed with potential for medical office conversion or owner-user occupancy. The property offered 22,488 square feet of immediately available space at the time of listing, with an additional 31,120 square feet expected to become available within a year of the June 2023 listing date.
When it was listed, the property was generating a net operating income of more than $2.3 million annually, with an average weighted remaining lease term of approximately two years. This lease structure provided the new owner with flexibility to reposition the asset according to market demands.
Newport Summit’s location has been one of its key selling points, with more than 10 acute care hospitals within a 10-mile radius. The property is also positioned near the University of California Irvine’s developing $1.3 billion medical campus, enhancing its appeal for healthcare-related tenants.
Demographic trends in the area further support medical office conversion potential, with 12.8 percent of residents within a three-mile radius being 65 years or older. This aging population, combined with strong healthcare demand in the region, had contributed to rent increases of nearly 14 percent in the three years prior to the 2023 listing.
The transaction marks one of the significant office property deals in Orange County so far in 2025, as investors continue to navigate post-pandemic shifts in the commercial real estate landscape.
