Real estate news: 2-tower office campus in Newport Beach sells at a loss for $33M

Investor and philanthropist Joe C. Wen recently acquired another office property at a discount, this time the two-tower campus 5000 Birch Street in Newport Beach.
Wen’s company paid $33 million for the property, which John Hancock Life Insurance Co. bought for $104.5 million in 2015.
The transaction is another notable office asset that sold at a loss following the historic workplace downturn during the Covid-19 pandemic.
Wen, the founder of Formosa Ltd. and owner of Orange County’s l