Newmark: Representing Camphor Partners on Inaugural Lease at CAVU Business Park in Irvine, California
October 25, 2021 9:00 AM
Newmark  announces that it has entered into a 6,000 square foot CAVU Business Park corporate office lease, located at 18872 Macarthur Boulevard in Irvine, California. This is the first lease signed on the property since the start of its repositioning.
“We are delighted to move our head office to the CAVU business park. It is a privilege to be the first tenant of this incredible development, ”said Pete Morris, President of TWINSTEPS architecture. “We see this as an opportunity to continue growing our business at the local, regional and national levels.”
Newmark’s managing directors, Richard Sung and Andrew Robben, and partner Daniel Nabavi represented the owner, Camphor Partners, during the negotiation of the lease. The lease represents the team’s first agency transaction with Camphor Associates in Orange County. This transaction was the inaugural lease of the property, which is part of the Ceiling and Unlimited Visibility Business Park (CAVU). Newmark also provides property management services for the campus. Scott Wetzel of JLL represented the tenant.
CAVU Business Park consists of two 50,000 square foot, four story office buildings located at 18952 MacArthur Boulevard and 18872 Macarthur Boulevard. The properties are undergoing a complete renovation to include new mechanical systems, elevator cabins, landscaping, an enclosed lobby and common areas. The renovations will also include the addition of highly creative, move-in-ready specific suites with glass windows to provide natural light.
The resort’s name, Ceiling and Visibility Unlimited, is an aeronautical term for ideal flight conditions for pilots and is a nod to the project’s proximity to John Wayne Airport. Additional amenities include a conference room, on-site restaurant and free above-ground parking. The property is also a short drive from several commuter train lines.
Touring and rental activity has intensified in the Orange County market, according to Newmark Research, as pandemic restrictions relax and workers begin to return to the office. Demand for space is on the rise and longer-term demands and negotiations are underway
Newmark Group, Inc. (Nasdaq: NMRK), along with its subsidiaries (“Newmark”), is a global leader in commercial real estate, seamlessly fueling every phase of the property lifecycle. Newmark’s full range of services and products are uniquely tailored to suit every customer, from owners to occupants, investors to founders, and startups to blue chip businesses. Combining the platform’s global reach with market intelligence in established and emerging real estate markets, Newmark provides superior service to clients across the industry. Newmark generated revenues of over $ 2.2 billion for the twelve months ending June 30, 2021. The offices owned by the Newmark company, as well as its business partners, operate from more than 160 offices with approximately 6,200 professionals worldwide. To learn more, visit nmrk.com or follow @newbrand.
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