PM REALTY GROUP SIGNS TWO NEW TENANTS AT NEWPORT BEACH OFFICE BUILDING

NEWPORT BEACH CALIF. – PM Realty Group (PMRG), a nationally recognized, full-service commercial real estate firm, announced today that it has secured two new leases at 1401 Dove, a trophy six-story 75,333-square-foot office building in Newport Beach, Calif.  Independent Capital Management signed a new 3,975-square-foot lease and Milender White Construction signed for 3,391 square feet.  Both firms are relocating from Irvine.

PMRG Senior Vice President Oliver Fleener represented the landlord, Palm Springs Village-309, LLC, a Far West Industries company, in both deals.  Fleener is leading the leasing efforts at 1401 Dove and 1375 Dove which currently offer availability for users ranging from 1,700 square feet to 4,500 square feet of contiguous space.  Independent Capital Management was represented by Cameran Lindee of CBRE.  Milender White Construction was represented by Scooter Dodd of S & P Commercial.

“We have historically been very well leased at the project over the last few years and backfilling these two vacancies brings the properties to nearly 100 percent occupied," said Fleener.  "These vacancies were created by the prior tenants expanding and from a tenant purchasing a nearby building, thus contributing to additional positive absorption in the area.” 

Built in 1974, renovated in 1994 and again in 2008, 1401 Dove is ideally located in the heart of the Newport Beach business district and neighbors the cities of Irvine and Costa Mesa. The project offers easy access to the 5, 73 and 55 freeways and is just minutes away from major regional transportation hub John Wayne Airport.  1401 Dove and 1375 Dove are located in close proximity to the area's many recreational and entertainment options and rich pool of amenities.

About PMRG

PMRG merged operations with Madison Marquette in June 2018 to create a new leader in commercial real estate. The firm offers PMRG’s leasing, property management, investment management and development services, combined with Madison Marquette’s specialized development, investment and marketing expertise. Madison Marquette’s strength in retail and mixed-use assets joins PMRG’s office, medical, industrial and multi-family capabilities to provide national leadership across asset classes. PMRG’s dominance in the southern US combines with Madison Marquette’s presence in primary gateway markets on both coasts to serve the top institutional owners and investors in the industry. The company provides leasing and management services to a diverse portfolio of 330 assets in 24 states and manages an investment portfolio valued at over $6 billion. The combined company is headquartered in Washington, DC with a major presence in Houston, TX. With 600 professionals in 12 regional markets, the merged firm is a member of the Capital Guidance group of companies.