205,700 SF Class A Office Building Perched Above I-805/Hwy 52 Fully Leased
SAN DIEGO, Calif., November 12, 2019 – Cushman & Wakefield today announced it has advised a global real estate investment manager in the disposition of a 205,725-square-foot trophy office building in Kearny Mesa (San Diego), California. The six-story Class A building referred to as Terraces is located at 5887 Copley Dr. and was 100% leased at the time of sale. The buyer and price are confidential.
Rick Reeder and Brad Tecca of Cushman & Wakefield’s Capital Markets in San Diego represented the seller, with Brett Ward and Michael Cassolato of the firm providing market advisory.
Tecca, Executive Director, said, “San Diego generally, and Kearny Mesa specifically, is experiencing robust investor demand for quality office opportunities, similar to Terraces. The Terraces offering was well received by a wide range of investors given its credit tenant rent roll, no near-term vacancy exposure and the quality of the real estate. Purposely designed by the Seller to accommodate large scale corporate users, the buildings 35,000 square foot floor plates and the full suite of on-site amenities has led to continuous occupancy since being developed in 2009.”
Reeder, Executive Managing Director, added, “Fully leased to two high profile companies in the financial services and communications sectors, the asset provides the buyer with secure income while being positioned in a strategic market location within San Diego County and in a sought-after office submarket. Of further investor benefit, Kearny Mesa has limited spec development potential, with no new developments under construction and a mere 112,000 square feet developed over the past decade, limiting competition and helping protect future rent growth projections.”
On-site amenities at Terraces include a large café/dining area, full service gym, yoga/dance room, outdoor putting green and sports court, plus a popular coffee house. The building is perched above the Interstate 805/Highway 52 intersection, providing prominent asset and tenant signage visibility. The project was built within a serene park-like setting with contemporary landscaping, including a stone water feature and rolling grass hills.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter