The Hive

3333 South Susan Street
Costa Mesa, CA

Office

Oasis

Property Highlights

Team

Links

Capital Improvements

$78.61 million

Property Size

182,142 sq ft

Partner

Goldman Sachs

Location

Costa Mesa, CA

Type

Office

Acquisition Date

Nov 01, 2021

Completion Date

Jun 01, 2017

All In Cost

$78.61 Million

Property Management

Intro

Class A creative office campus with 3 newly-constructed buildings totaling 180,207 rentable SF. Located in North Costa Mesa adjacent to the 405 Freeway. SteelWave converted the project into Orange County’s most amenitized creative office campus.

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. Centrally located and easily accessible.

  1. Excellent access to the San Diego (I-405), Costa Mesa (SR-55) and Corona del Mar (SR-73) Freeways.

  2. 4 parking spaces per 1,000 rentable square foot parking ratio.

  3. Close proximity to numerous amenities including South Coast Plaza, SoCo | OC Mix, Metro Pointe at South Coast and Segerstrom Center for the Arts.

  4. The project attained 75% occupancy before construction completion.

High profile exterior building signage available along major roadways

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.

  1. Major upgrades completed in 2017 included: new outdoor amenities, café, fitness center, indoor | outdoor collaboration areas, signage, building lobbies, paint and landscaping.

  2. Additional improvements include: exterior façade and landscaping, lobby upgrades, sunken outdoor conference room, and an espresso bar/lounge.

  3. Large efficient floor plates with extended ceiling heights.

  4. Newer construction providing reliable base building systems in excellent condition.

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