MediVas Relocates to Carroll Vista Center

SAN DIEGO-Biomedical firm MediVas LLC will soon relocate its headquarters to the Carroll Vista Center complex here, having become the most recent tenant to sign on for space here. According to the terms of MediVas’ 80-month lease, the firm will move into its new headquarters space later this month. It will occupy 47,347 sf of chemistry and biology lab space in the 6275 Nancy Ridge Dr. building of Carroll Vista Center, which is located in the Sorrento Mesa submarket of the city. The transaction, which is valued at $6.3 million, involved the concurrent negotiation of a lease termination of Chugai Pharma’s remaining 20-month obligation at the complex, according to Brent Jacobs of Burnham Real Estate Oncor International, who worked on the deal. As a result, Medivas was able to sign a direct lease with the property owner at an artificially low rental rate with contractual expansion rights, Jacobs notes. The recent transaction might be one of various leases to be inked in San Diego County before the year is up, as Burnham Real Estate’s researchers recently predicted an uptick in activity in the region’s R&D sector by year-end. Data published last month by Burnham put year-to-date activity for the county’s R&D market at negative 116,465 sf, but did point out that the sector has been showing signs of life. For the second quarter of 2004, a total of 46,839 sf of R&D space was absorbed, the report stated. And Burnham senior vice president Micky Morera predicted “a firming up of rents by the fourth quarter of 2004.”In the recent MediVas lease, Jacobs and Burnham colleagues Greg Bisconti and Brian Cooper acted on behalf of the tenant. Property owner CarrAmerica Realty Corp. was represented in-house by Phil Matchett. The 107,579-sf Carroll Vista Center, which is comprised of a biotech facility and two office structures, is one of a multitude of office assets that CarrAmerica owns in Southern California. The Washington, DC-based company owns 64 office facilities encompassing approximately 4.1 million sf combined in the Southland. Its most recent acquisition here was the purchase of Corporate Plaza II in the Del Mar Heights submarket of San Diego for $35.6 million.