Shidler Group Buys Biotech Center for $62M

SAN DIEGO-A partnership headed by The Shidler Group has purchased 353,067-sf Seaview Corporate Center in Sorrento Mesa for $62.5 million.

The Shidler Group, in partnership with Angelo, Gordon & Co., bought the four-building office and biotechnology complex located at 10180-10196 Telesis Court. The center includes three class A office buildings totaling 340,287 sf and a 12,780-sf biotech building.

The two partners formed AGRRI Seaview LLC to buy the property from LNR Seaview Inc., an entity of Lennar Corp. Financing of $38.1 million was provided by Lend Lease Real Estate Investments Inc.The complex is 73% occupied. Pfizer, the world’s largest pharmaceutical company, became the project’s largest tenant in January when it signed an 11-year, 61,000-sf lease.