Invesco, SteelWave Kick Off $200M OC Project
- Feb 07, 2019
Invesco Real Estate and SteelWave have kicked off construction of The Press, the joint venture’s creative office campus. The project is a redevelopment of the Los Angeles Times’ former press house and press room in Orange County, Calif.
The $200 million development will feature roughly 381,000 square feet of creative office space and 52,000 square feet of retail space. The 24-acre property, located at 1375 Sunflower Ave. in Costa Mesa, had served the Los Angeles Times and three of the company’s community newspapers until the facility closed its doors in 2010.
Also included in the mixed-use project is The Market Hall food hall, which the partnership is planning in collaboration with LAB Holding. The concept will include a curated roster of more than 50 makers and restaurants that will focus on seasonal local products. The food hall concept is currently under review by the City of Costa Mesa.
Keeping history alive
Elements of the original structure, including the canopies, monolithic concrete walls, steel frames and machine rooms, will be preserved during the redevelopment in order to retain the history and character of the property.
Tenant amenities planned for the development are expected to include The Eye, a 1-acre park with a garden, art and two open-air cafes, as well as designated ride share, bike share and scooter share drop-offs.
Developers Invesco and SteelWave acquired the property in the fall of 2017 for $65 million and are anticipating a completion date of first quarter 2020. Newmark Knight Frank’s Senior Managing Directors Jay Nugent and George Thomson are handling preleasing at the project.
“Costa Mesa is becoming the hub of the creative workforce in Orange County and The Press will finally offer companies the ability to work in a historical creative atmosphere with unparalleled retail amenities that cater to today’s generation,” Nugent said in prepared remarks. “This project is far and away the most exciting mixed-use development in Orange County in a long time.”
Image courtesy of Newmark Knight Frank