University of Southern California Signs Full-Building Lease

The 30,000-square-foot medical office property delivered in the first quarter of this year in Newport Beach, Calif.
Newport Harbor Medical Plaza. Image courtesy of Newmark Knight Frank

University of Southern California has signed a full-building lease at Newport Harbor Medical Plaza, a 30,000-square-foot medical office property in Newport Beach, Calif., despite the headwinds MOB leasing activity is facing currently. Newmark Knight Frank negotiated on behalf of Advanced Medical Properties, the owner of the facility, which came online in the first quarter of this year.

Developer Shaoulian Properties broke ground on the project in 2017. C.W. Driver Cos. served as the general contractor, while Bundy-Finkel Architects provided architectural services. Thorofare Capital provided $20.1 million in construction financing, according to Yardi Matrix.

Located at 330 Old Newport Blvd., the two-story building features floorplates ranging between 13,426 and 14,929 square feet, as well as above-ground and subterranean parking. According to NKF Managing Director John Scruggs, USC intends to use the space for a multi-modality clinic and will start making the necessary tenant improvements.

Newport Harbor Medical Plaza is just north of the city center alongside Freeway 55, across from the Hoag Memorial Presbyterian Hospital. Various restaurants, shops and hotels are within a 1-mile radius of the property.

Scruggs worked together with NKF Executive Managing Director Garth Hogan in negotiating the lease. Earlier this year, Hogan was instrumental in the $59 million sale of a 10-property portfolio.