The property, which encompasses 438,715 sf, consists of two class A office facilities that stand at 1455 Frazee Rd. and 1615 Murray Canyon Rd. Currently nearly 90% leased, they are occupied by tenants including Nextel, the State Attorney General, Commonwealth Land Title, Booz Allen Hamilton, Maxim Systems, URS Corp., SeaWest Wind Power and Jefferson Pilot Communications.
The sale reflects the long-term confidence on the part of investors in San Diego's office market, according to John Casey of Burnham Real Estate Services ONCOR International. Casey, along with Burnham colleague Lynn LaChapelle, acted on behalf of the seller Maier Siebel Baber, a San Francisco-based real estate investment advisor. The buyer has assumed a loan balance of approximately $28.5 million from Principal Mutual Life.
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