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Case Study

The Press
1375 Sunflower Avenue,
Costa Mesa, CA 92626
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  • The Press is the former Los Angeles Times Orange County printing press warehouse and press room located in the northern Costa Mesa submarket within the Orange County Greater Airport Area. Acquired in November 2017 through a joint venture with Invesco Real Estate, the existing vacant facility is comprised of a 249,000 square foot warehouse and 112,000 square foot office building, situated on approximately 21-acres of land with an adjacent 4-acre land parcel.
  • SteelWave’s adaptive reuse repositioning plan is to transform the existing facility into a +/- 433,000 square foot creative campus, consisting of approximately 380,856 square feet of creative office and a one-of-a-kind 51,639 square foot food hall.
  • Office: The office portion will leverage the 50-foot clear heights, new mezzanine levels and private tenant patios. A majority of the suites will have distinct architectural features unique to the space that honor the authenticity of the project.
  • Retail: The retail portion will span across two levels on the south side of the site and offer a wide selection of food stalls, cafes, event space, restaurants, breweries, an interior stage and an outdoor area consisting of over 1.5 acres of amenities. SteelWave teamed up with one of the top retail operators in the region, The Lab, to program the retail experience.
  • Overall renovations will include completely reimagined tenant spaces with new glazed openings, new light features, new or updated building elevators and cores, special landscaped areas for tenant use, and all new mechanical, electrical, plumbing, and fire protection systems will be incorporated into the core and shell redesign. The multitenant creative complex will also reuse the existing rail line for public access and create a physical connection to SteelWave’s Hive complex next door.

Acquisition Highlights

  • Property Size: 361,000 SF (renovated to approximately 432,000 SF); Office SF: 380,856; Retail SF: 51,639
  • Acquisition Date: November 2017
  • Capital Improvements: Approximately $80 million
  • Completion Date: First Quarter 2020
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The Press

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