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CarrAmerica Makes $56M Office Play

SAN DIEGO-The Washington, DC-based REIT acquires Chancellor Park from Texas-based Crescent Real Estate Equities Co. The property counts two, four-story buildings of class A office campus space.

By Daniel D. Williams | Updated on September 20, 2005

SAN DIEGO-This time a year ago, CarrAmerica Realty Corp. picked up the Del Mar office asset, Corporate Plaza II, for $35.6 million. Now, the Washington, DC-based REIT is at it again in the San Diego area, laying down $56 million for Chancellor Park, a two-building, 195,733-sf class A office campus.CarrAmerica acquired the property, located at 4510 and 4520 Executive Dr. within the UTC submarket, from Fort Worth-based Crescent Real Estate Equities Co. The acquisition increases the firm’s “San Diego portfolio to over 1.5 million sf,” says CarrAmerica managing director for Southern California, Malcolm O’Donnell.Originally a 1989 development, Crescent picked up the property in 1996. Chancellor Park counts two, four-story buildings and a three-story parking structure. Tenants at the property include BioCom, EMN8 and Reynolds & Reynolds.Lynn La Chapelle and Bob Prendergast of Burnham Real Estate Services brokered the deal at Chancellor Park, which was roughly 21% vacant at the time of sale. The largest available contiguous space is 7,550 sf.The buy gives CarrAmerica a Southern California portfolio of 60 office buildings totaling four million sf. Nationwide, the firm holds 298 office properties totaling 27.6 million sf.For Crescent, the sale leaves the firm with one Southern California property, the 250,782-sf Dupont Centre in Irvine. However, as reported earlier this year on Globest.com, Crescent announced a joint venture with Houston-based Hines to develop a 12-story, 260,000-sf office project at 18501 Von Karmen Avenue in Irvine.The project plans for an early 2006 groundbreaking with a completion date of mid-2007. As John C. Goff, vice chairman and CEO of Crescent told Globest.com, the firm considers the airport submarket a good play because of “the anticipated employment growth and demand for high-end office space.”

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