San Diego CA—CBRE announced the sale of an office building in Sorrento Mesa, San Diego to a Los Angeles-based private buyer for $20.6 million or $398 per-square-foot.
CBRE’s Matt Pourcho, Gary Stache, Anthony DeLorenzo and Bryan Johnson represented the seller, Newport Beach, Calif.-based real estate investment management firm Buchanan Street Partners, in the transaction.
Located 6059 Cornerstone Court West, the 51,690 square-foot property has been fully-leased since 2013 to Verimatrix, a San Diego-based company that specializes in content security for digital television services. The two-story building was originally built in 1987 and features a fitness gym, EV charging stations and 178 parking spaces.
The property is located within San Diego’s most dense concentration of Fortune 500 companies and is two miles from the connection of I-5 and I-805, two major San Diego freeways that connect Sorrento Mesa to the rest of San Diego County. Westfield UTC, a popular shopping mall in the area, is less than four miles from the site. The property is also three miles from the University of California, San Diego.
“This is an extremely stable asset that has served as Verimatrix’s global headquarters for both its business operations and research and development for nearly seven years,” said Pourcho. “Vertimatrix’s commitment to the property was fortified by its recent signing of a 90-month lease one year prior to the expiration of their original lease agreement.”