The Irvine Company, San Diego’s largest provider of office space, announced today it has acquired Centerside I, a 13-story, 205,000-square-foot office building at 3111 Camino del Rio North in Mission Valley.
Terms of the transaction were not disclosed.
The acquisition is part of Irvine Company’s long-term commitment to San Diego, where the Company is marking its 30th anniversary after entering the market in 1982.
Centerside I is adjacent to the Irvine Company’s Centerside II at 3131 Camino del Rio North, a 16-story, 287,000-square-foot office building that the Company acquired in 2007. The two matching buildings have a dramatic steel and blue glass design and share a park-like setting with a central pond and outdoor seating. The acquisition will allow the Irvine Company to operate both Centerside buildings as an integrated office campus.
“The acquisition of Centerside I made sense from an operational as well as strategic standpoint, and is part of our commitment to expand within the San Diego market,” said Doug Holte, president of Irvine Company Office Properties. “The location, amenities, convenient parking and easy transportation links make Centerside a compelling Mission Valley location.”
Centerside I is highly leased to a broad range of business and professional services customers in insurance, financial services, consulting and law. Tenants include health insurer United Healthcare Services, engineering company Psomas and Farmers Insurance.
Built in 1982, Centerside I includes a 2,000-square-foot fitness facility, a conference room and a Cinnamon Tree Cafe. The Centerside campus is near the Fashion Valley and Westfield Mission Valley shopping centers as well as neighborhood shopping centers and Qualcomm Stadium.
The campus is located off Interstates 805 and 8 with brief commuting to Interstates 5 and 15. The San Diego Trolley also serves the area. Downtown and San Diego International Airport are about 10 minutes away.
“Centerside I’s premier location adds to our portfolio of high-performance workplaces that are convenient to San Diego’s growing and diverse economy,” Holte said.
The Irvine Company is San Diego’s largest provider of office space with more than 7.5 million square feet in downtown, La Jolla-UTC, Sorrento Mesa, Del Mar Heights and Mission Valley. The company also owns and operates seven San Diego County apartment communities, including Monte Vista Apartment Homes near Centerside in Mission Valley.
About the Irvine Company
Founded in 1864, the Irvine Company is an internationally renowned real estate development company known for its award-winning master-planned communities, its vast portfolio of high-quality investment properties, and its leadership in conservation and natural resource management. The growing real estate portfolio encompasses office, apartment, retail and resort holdings located throughout California’s premier markets, including assets in San Diego, Orange and Los Angeles Counties, and holdings in Northern California. As a steward of some of America’s most beautiful and scientifically important open space and parklands, the company has donated to Orange County more than half of the historic 93,000-acre Irvine Ranch in Orange County — 50,000 acres — to permanently preserve these lands. The U.S. Department of Interior and the State of California have designated these parklands as “Natural Landmarks,” one of the most prestigious land preservation designations. The privately held, diversified company traces its roots to the 1860s with the formation of The Irvine Ranch® from Mexican and Spanish land grants.