Irvine Company purchases Township 14 in Del Mar Heights
First acquisition in Del Mar for San Diego’s largest office owner
IRVINE, Calif. (September 18, 2017) — Irvine Company announced today the purchase of a two-building, 127,000-square-foot office project named Township 14 in Del Mar Heights.
It is the company’s first acquisition in Del Mar Heights.
“We have long admired Del Mar Heights as one of the premier places in San Diego to do business alongside La Jolla UTC and Downtown,” said Doug Holte, president, Irvine Company Office Properties. “Our decision to acquire Township 14 is the latest sign of our long-term faith in San Diego as one of the most attractive regions in the world for forward-thinking, growth-minded companies.”
Township 14 opened on six acres in the 1980s as Del Mar Corporate Plaza. In 2014, following significant redevelopment by seller TH Real Estate, an affiliate of Nuveen (the investment management arm of TIAA), it was renamed after the plot of land first established in the 1880s that later became known as Del Mar.
Part of the redevelopment involved replacing one of the original buildings with a new, four-story, 70,000-square-foot, glass-sheathed building at 12670 High Bluff Drive for Latham & Watkins, the top-ranked global law firm. Next door, the three-story, 57,000 square-foot building at 12680 High Bluff Drive received new floor-to-ceiling glass, a refurbished lobby and other enhancements. Its customers include Experian, Citizens Bank, Edelman Financial and Energy Capital.
Other project features include a best-in-class fitness center, the Come on In! Café, regular food trucks, floor-to-ceiling glass for maximum daylight and energy efficiencies that lower costs and more.
Located with visibility from the I-5 Freeway and easy access from Highway 56 and I-805, Township 14 is walking distance to Del Mar Highlands Town Center.
“Through our partnership with EvoNexus and our co-working program called ‘The Vine,’ we are proud to play a role in the growth of new innovators while continuing to serve internationally-acclaimed customers such as Wells Fargo, UC San Diego, Jones Day, Neustar, Webroot and leaders in a diverse array of industries,” Holte said. “We are excited to expand our approach to vibrant workplace communities to Del Mar Heights and look forward to developing deep and mutually-rewarding relationships with the business community.”
Irvine Company owns six Class A towers in Downtown: One America Plaza, 101 W. Broadway, 225 Broadway, 501 West Broadway, Symphony Towers and Wells Fargo Plaza. It also owns and operates La Jolla Gateway, The Plaza, Executive Square, One La Jolla Center and several other best-in-class buildings in La Jolla UTC, Sorrento Mesa and Mission Valley.
Eastdil Secured facilitated the transaction between TH Real Estate and Irvine Company.
About Irvine Company Office Properties
Irvine Company has evolved the traditional office to something much more: a vibrant workplace community. A place where collaboration is encouraged and creativity is enabled to elevate business success. The Company owns and manages 150 premier coastal California workplace communities in Orange County, Los Angeles, Silicon Valley and San Diego, as well as trophy buildings in Chicago and New York. Its timeless design and quality craftsmanship is consistent with its long-term view and pride of ownership.