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The Press Starts Construction in Costa Mesa; Announces Food Hall Collaboration with LAB Holding

Newmark Knight Frank’s Senior Managing Directors Jay Nugent and George Thomson are Handling Pre-Leasing

Newport Beach, CA (02/05/2019)

9:30 AM

The Press, a reinvention of the former LA Times Orange County printing press warehouse and press room to a reimagined creative work campus and proposed food hall, has pulled its office building permit and kicked off construction. The 420,000-square-foot campus, located at 1375 Sunflower Ave. in Costa Mesa, will be ready for delivery to office tenants by the first quarter 2020.

The $200-million plus project, being developed by SteelWave and global real estate investment manager Invesco Real Estate, will encompass 380,856 square feet of creative office space with approximately 51,639 square feet of modern retail space. It is located in one of Orange County's emerging submarkets adjacent to SteelWave's Hive, which hosts the headquarters and practice facility of the Los Angeles Chargers. Newmark Knight Frank's Senior Managing Directors Jay Nugent and George Thomson are handling pre-leasing.

The Market Hall food hall is being planned in collaboration with renowned LAB Holding. The concept, submitted for review by the City of Costa Mesa, includes a curated roster of over 50 makers and restaurants focused on seasonal local products. When undertaken, this retail/food hall will be LAB Holding's largest Orange County project. The firm is recognized for construction of The CAMP eco-retail campus in 2002 and its properties within the SoBECA District, the Anaheim Packing District, Center Street Anaheim and the historic Casino in San Clemente.

"The Press is a truly one-of-a-kind offering in one of the most exciting areas of Orange County. This property embraces its history but also responds to what today's modern user desires in office space. We are especially excited about our collaboration with LAB Holding as they have proven to be forward thinking and successful in developing what the market wants. We look forward to bringing The Press back to life," said Seth Hiromura, Managing Director of SteelWave.

The Press is a reinvention of the former LA Times newsroom and print production facility that celebrates the history and character of the industrial space. Defining elements of the original structure such as the canopies and monolithic concrete walls, the steel frames and the machine rooms, will be retained, further reinforcing the site's history.

The Press' design, created by Ehrlich Yanai Rhee Chaney Architects, embraces natural light and views. Indoor-outdoor relationships are a pervasive component in the space. Loading docks and canopy overhangs become continuous back porches for collaboration and reflection. An open air atrium brings dynamism to the central press line, while a skycut slices across the building to introduce daylight. Landscape ties together the site and structure. The revitalized space is divided into five sections, each with unique industrial details salvaged and restored from the original structure, as well as modern architectural features that highlight the site's rich history.

Additional amenities will include The Eye, a one- acre park with a zen garden, curated art and two open air cafes surrounding a central green for picnicking and weekend lectures, movie nights and markets; WIFI throughout; designated ride share, bike share, and scooter share drop-offs; and more.

"Costa Mesa is becoming the hub of the creative workforce in Orange County and The Press will finally offer companies the ability to work in a historical creative atmosphere with unparalleled retail amenities that cater to today's generation. This project is far and away the most exciting mixed-use development in Orange County in a long time," said Nugent.

About SteelWave
SteelWave is a full-service commercial, multifamily and mixed-use real estate management, operating company and investment management firm. SteelWave and its predecessor companies, Legacy Partners Commercial and Lincoln Property West, have been active in commercial real estate for 47 years. We've built a reputation for successful execution by sourcing sound investments in our 6 key markets: Northern California, Southern California, Denver, Seattle, Portland and Texas. As a vertically integrated leader in the industry, we source, entitle, design, finance, develop, renovate, lease, manage and sell real estate investments on behalf of many well-known institutional clients. In 2015, SteelWave brought Dennis Cavallari of The Cavallari Group (and previously a partner with Legacy Partners Residential) on board to oversee its multifamily and mixed-use development and acquisition opportunities.

Since its inception, the SteelWave team has acquired, developed or managed 6,000 multifamily units, 60.1M SF of industrial product and 36.6M SF of office product across our Western United States target markets at a combined cost of over $10.7 billion.

About Invesco Real Estate
Invesco Real Estate is a global leader in the real estate investment management business with $64.1 billion in real estate assets under management, 491 employees and 21 regional offices across the U.S., Europe and Asia (as of 09/30/18). Invesco Real Estate has been actively investing in core, value-add and opportunistic real estate strategies since 1992. Invesco Real Estate is a business name of Invesco Advisers, Inc., an indirect, wholly owned subsidiary of Invesco Ltd. Invesco Ltd. is an independent investment management firm dedicated to delivering an investment experience that helps people get more out of life. NYSE: IVZ; www.invesco.com.

About Newmark Knight Frank
Newmark Knight Frank ("NKF"), operated by Newmark Group, Inc. ("Newmark Group") (NASDAQ: NMRK), is one of the world's leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, NKF's 16,000 professionals operate from approximately 430 offices on six continents. NKF's investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.

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