Irvine, CA — Newmark 1 announces the $40.23 million purchase of 16800 and 16802 Aston Street, two flex office/R&D buildings totaling 115,388 square feet and located in the Airport Area submarket of Irvine, California.
Newmark Executive Managing Director Jack McNutt represented the buyer, MicroPort Scientific America Inc., an international medical devices company that will open its U.S. headquarters at the newly purchased properties. The undisclosed seller was represented by Brian Garbutt of Lee & Associates. The transaction was an all-cash sale.
“I was honored to represent MicroPort in establishing its U.S. headquarters,” said McNutt. “This purchase will accommodate the company’s continued growth and further expand its presence in North America.”
Based in Shanghai, China, MicroPort Scientific Corporation has a large international operation. North American expansion is a key long-term strategy for the company. The company’s new headquarters will house multiple business units including its Miracle Point Southern California Innovation Center and Intelligent Manufacturing Base. Southern California’s medical industry cluster and strong industrial base will support the company’s accelerated product development.
MicroPort will occupy the entire 16802 Aston building at the end of March 2022 upon the current tenant’s exit of the building and the completion of its required tenant improvements. The 16800 Aston building will be used to accommodate future growth and additional business units or related subsidiaries.
16802 Aston Street is a 65,108-square-foot, Class A, creative office/flex building situated on a 2.9-acre lot. Built in 1985, the building features a two-story lobby, creative office buildout, two ground-level loading doors, backup generator, three electric vehicle charging stations and a parking ratio of 3.6 spaces per 1,000 square feet. 16800 Aston Street is an R&D/flex building measuring 50,280 square feet and situated on a 2.3-acre lot. The building was built in 1985 and renovated in 2015. Building features include elevator service, backup generator and a 3.6-per- 1,000-square-foot parking ratio. Both properties are within one mile of retail and entertainment options at The District at Tustin Legacy and less than two miles from John Wayne Airport.
