SAN DIEGO, Calif. (October 3, 2018) — Irvine Company has acquired Paseo Del Mar, a 235,000-square-foot Class A office project located in Del Mar Heights. This is the company’s fourth significant San Diego office property purchase in the past 12 months.
“The Irvine Company continues to view the San Diego region as a world-class innovation center with unparalleled lifestyle attributes to attract top talent across all high-growth industries,” said Doug Holte, president, Irvine Company Office Properties. “Paseo Del Mar provides us with another exceptional workplace community for our San Diego customers, with close access to best-of-class residential, recreational, retail and on-site amenities.”
Last week, the company announced the purchase of La Jolla Reserve in La Jolla UTC. In January, Irvine Company purchased Gateway at Torrey Hills. In September 2017, the company acquired nearby Township 14. In total, the company has added nearly one million square feet to its San Diego office portfolio in the past year.
The seller is Union Investment, advised by Metzler Real Estate. The sales price was not disclosed.
Completed in 2006, Paseo Del Mar’s three, three-story buildings feature premium campus office architecture, include efficient and highly flexible floor plates and an abundance of onsite amenities that provide workday conveniences to enhance workforce productivity. Amenities include a café, Wi-Fi enabled courtyard, subterranean reserved parking, electric vehicle charging stations, fitness center with full-service locker rooms and several walking trails.
Paseo Del Mar is leased to a diverse group of industry-leading companies, including Sheppard Mullin, Pillsbury Winthrop, Dowling & Yahnke Wealth Management, Bank of Southern California, Kilpatrick Townsend, and Compass.
Paseo Del Mar is located at 12255, 12265 and 12275 El Camino Real. The project is centrally located in Del Mar Heights, with immediate access to Interstate 5 and SR-56. It is also a short drive from the newly revitalized Del Mar Highlands Town Center, a retail destination in coastal North County, which is currently undergoing an expansion that will include 120,000 square feet of additional retail including 40 contemporary shops and top-rated restaurants.
Adam Edwards, Brian Russell and K.C. Scheipe of Eastdil Secured handled negotiations on behalf of the sellers.
Irvine Company owns nine million square feet of San Diego office workplace communities in Downtown, Del Mar Heights, La Jolla UTC, Mission Valley, and Sorrento Mesa.
About Irvine Company Office Properties
As a long-term owner who continuously reinvests in its properties and services, Irvine Company has evolved the traditional office to something much more: vibrant workplace communities. A place where collaboration is encouraged, and creativity is enabled to elevate business success. The company serves more than 3,000 customers in 50 million square feet of premier workplace communities in Orange County, Los Angeles, Silicon Valley and San Diego, as well as iconic trophy towers in Chicago and New York. Timeless design and quality craftsmanship is paired with Irvine Company’s permanent time horizon, customer-centric brand and pride of ownership.