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Formosa Ltd., the Taiwan-based multinational conglomerate owned by Newport Coast executive Joe C. Wen, is the new owner of 5000 Birch Street, a two-building and 310,000-square-foot office campus in Newport Beach.
Lincoln Property Co. was hired by Formosa to manage and operate the office campus, which is home to tenants like PayAssist Inc., Regus and Lawyers Title. Terms of the deal were not immediately available. 5000 Birch was most recently owned by Toronto-based Manulife Financial Corp., per CoStar data.
“Our strategy has always been to invest in well-located, high-potential office assets that provide long-term value to tenants and the local community,” Wen said in a statement. “5000 Birch Street represents a tremendous opportunity to further strengthen our presence in Orange County. We plan to make strategic upgrades to ensure this property meets the evolving needs of today’s workforce. Engaging Lincoln to manage this asset was a natural progression of our partnership, which is built around our firms’ mutual commitment to providing world-class service to our clients.”
Wen also bought Symphony Towers, a 34-floor office building in San Diego, in September 2024, and One Pacific Plaza in Huntington Beach in 2023.
Read the April 14 issue for additional details about this transaction.