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Case Study

3333 South Susan Street, Costa Mesa, CA
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  • HIVE is a three-building creative office project situated on a 14.25 acre parcel in northern Costa Mesa (Orange County Greater Airport Area), purchased in a joint venture with Goldman Sachs. In late 2017, SteelWave completed its reposition plan to transform the project into an indoor/outdoor creative office campus with striking architecture and beautiful landscaping, complete with modernized amenities that reflect community, collaboration, and well-being.
  • Improvements included: exterior façade and landscaping, lobby upgrades, a “glass barn” (indoor/outdoor work space), sunken outdoor conference room, espresso bar/lounge + community courtyard.
  • At purchase, the corporate-owned campus was 52% occupied by Emulex Corporation, who executed a 5-year leaseback of Building C (~94K SF) with plans to vacate after 24 months. However, SteelWave successfully negotiated a deal with Emulex to move-out of Building C in order to accommodate the Los Angeles Chargers, who signed a new 10-year, 101K square foot lease.
  • The project attained 75% occupancy before construction completion.

Acquisition Highlights

  • Property Size: 181,600 SF
  • Acquisition Date: November 2015
  • All-in Cost: $78.61 million
  • Completion Date: June 2017
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