San Diego CA- In June 2014, Legacy Partners Commercial, Inc. announced the acquisition of Sorrento Canyon Technology Center, four office/life science buildings in Sorrento Mesa located at 5451, 5501 Oberlin Drive and 4940, 4980 Carroll Canyon Road. The acquisition was a joint venture between Legacy and an affiliate of Goldman Sachs. The landlord now plans to completely renovate the exterior and parts of the interior of this strategically located project.
The office and life science park totals 98,987 square feet and is situated on 6.58 acres. The joint venture’s planned capital improvements include building a new exterior glazing system and renovating roofs, mechanical systems and entryways as well as upgrading the existing vacancies on a case by case basis with Class A tenant improvements. The common areas will undergo a complete landscape redesign. They also plan to create outdoor meeting space and sports amenities.
The joint venture has engaged CBRE to provide leasing services, with Senior Vice President Richard Danesi and First Vice President Ryan Egli as the exclusive leasing team for the project. According to Mr. Danesi, the leasing team is targeting local, national, and international biotech and pharmaceutical companies to lease space. “The buildings are perfectly suited to accommodate lab users with requirements ranging from 5,000 square feet up to 25,000 square feet,” Dansei said.
Ted Tapfer, Legacy’s Managing Director for San Diego/Orange County, said, “We are very excited about this acquisition and the opportunity to reposition the four buildings as a cohesive, Class A life science business center that will offer a multitude of space options to the biotech community.”
According to CBRE’s Life Sciences team in San Diego, owners continue to reinvest capital into their assets and are adding more on-site amenities for employees. More than 650,000 square feet of projects are either under renovation or have been renovated in the past couple of years. The former L-3 facility on Science Park Drive (to be called Spectrum) has become the most recent to undergo significant revitalization. The Sorrento Mesa life science market includes approximately four million square feet of space with a direct vacancy rate of 4.5% as recorded by CBRE at the end of second quarter 2014Sorrento Canyon Technology Center is located southeast of the I-5/I-805 merge between Oberlin Drive and Carroll Canyon Road and is strategically located in western Sorrento Mesa. Tenants are within walking distance of numerous dining and retail establishments. The recently completed Carroll Canyon extension project significantly improved access to the area.