Ryan Parkin Of Cress Capital Acquires Office In Newport Beach From Western Alliance Bank For $41M

The asset involved in this transaction is an office property located at 1301 Dove Street in Newport Beach. The office spans a total square footage of 214,858 and was sold for a price of $41,000,000, resulting in a price per square foot of $191.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $41,000,000
• Buyer: Ryan Parkin - Cress Capital
• Seller: Western Alliance Bank
• Square Footage: 214,858
• Price per Square Foot: $191
• Market: Newport Beach
• Date of Sale: 09/05/2025

This transaction involved Ryan Parkin representing Cress Capital as the buyer of the property, which was sold by Western Alliance Bank following the former owners' default on $41.7 million in debt. This sale reflects a significant decrease from the previous sale price of $64 million in 2021 and is part of a trend of discounted office trades in Orange County.