Ocean Plaza, whose history dates back to the S&L scandal, gets a new name – Orange County Register
Ocean Plaza, the 14-story office tower in Huntington Beach that sold for $97 million three years ago, is being renamed Point Break Tower in Ocean Plaza.
The office tower and its 8.6-acre mixed-use plaza dates back to the National Savings and Loans Crisis 35 years ago. Built in 1985 by Mola Development in a predominantly residential area, it was first called Charter Centre. In 1988 it was purchased by Guardian Savings for $55 million to become the headquarters of S&L.
The lender, one of the first in the subprime category, was later seized by federal authorities in 1991 after determining the scheme was hurting borrowers.
Today, Stream Realty Partners will be responsible for leasing the 205,000 square foot Class A building located at the intersection of Beach Boulevard and Warner Avenue.
Owner Onni Group of Vancouver, British Columbia renovated the tower’s hallways, restrooms and elevators, adding a polished marble lobby, lounge, conference rooms, six-story parking lot and management staff and engineering on site.
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 retains OC hub after Dallas move
Personal and commercial bank First Foundation Inc. 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 features a newly renovated courtyard, new restaurants, and improved parking.
First Foundation, which moved its headquarters to Dallas a year ago, will use the Irvine offices for its executives and operations associated with its subsidiaries, First Foundation Bank and First Foundation Advisors.
“As First Foundation Inc. realized the benefit of moving their headquarters to Texas, they also realized that Orange County was a strategically important market,” said Serge Vishmid, managing director of Atlas Capital Advisors, who represented First Foundation. “After visiting and evaluating numerous office buildings in Orange County, it was decided that staying in their current location was the best option.”
The owner, SENTRE, was represented by Cushman & Wakefield.
Brea’s office building sells for $7.6 million
A 27,258-square-foot, three-story, multi-tenant office building in Brea has been traded for $7.6 million, according to Lee & Associates at Orange.
The property at 2650 E. Imperial Hwy. was purchased by an unidentified owner-user who works in medical case management.
John Son of Lee & Associates represented the unidentified seller.
Industry movers and shakers
Victor Pham has been promoted to Project Manager at the Irvine Headquarters of Fuscoe Engineering Inc. His engineering duties include grading, drainage, utility infrastructure and site hydrology. He also conducts environmental water quality research and design to minimize the effects of stormwater runoff on local watersheds. Pham is currently providing engineering services for two Pulte Homes projects in the Rienda planned community of Rancho Mission Viejo. He is also working for Irvine Co. on new wrap-style apartment communities that feature pools and open space amenities, and these projects will soon be in the final design stages.
The Smith Group, a Coldwell Banker Global luxury real estate brokerage in Newport Beach, has added Bill Forsythe and Coleen Brennan to its team. The pair have a combined 30 years of real estate experience. Both are residents of Newport Beach.
Real estate transactions, leases and new projects, industry hires, new companies and upcoming events are compiled from news releases by editor Karen Levin. Submit high-res articles and photos via email to Business Editor Samantha Gowen at [email protected] Please allow at least a week for posting. All elements are subject to change for clarity and length.