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MemorialCare Health System buys headquarters in Costa Mesa

February 03, 2013|By Roger Vincent
  • Nonprofit medical provider MemorialCare Health System bought this building in Costa Mesa.
Nonprofit medical provider MemorialCare Health System bought this building… (Newmark Grubb Knight Frank )

Nonprofit medical provider MemorialCare Health System will move its headquarters from Fountain Valley to Costa Mesa because it has acquired a 15-acre corporate campus near the 405 Freeway.

MemorialCare will consolidate several teams now in other Southern California offices in 180,000 square feet at 1588 South Coast Drive, real estate brokerage Newmark Grubb Knight Frank said.

Terms of the sale by a limited liability corporation were not disclosed, but real estate experts familiar with the Orange County market valued the deal at about $34 million.

The property was previously occupied by Abraxis Bioscience, which was purchased by Celgene Corp. in October 2010, broker Tim Helgeson of Newmark Grubb said. It has been mostly vacant since.

The campus, expected to be occupied in late 2013, will bring together teams from MemorialCare's corporate office, physician support locations and medical groups, including MemorialCare Medical Group, Greater Newport Physicians and Nautilus Healthcare Management Group.

The transaction was the largest headquarters purchase over the past year by an Orange County-based company, Helgeson said.

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