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OC Buyer Takes Torrey Pines Research Park

SAN DIEGO-The Muller Co. of Laguna Hills acquires the 181,000-sf property from Doug Manchester, one of San Diego's largest private developers. Terms are undisclosed, but a comparable project nearby sold for $30 million this spring.

By Amanda Paxson | Updated on September 25, 2005

SAN DIEGO-The Muller Co. of Laguna Hills has acquired the 181,000-sf Torrey Pines Research Park, an office and biotech development, and plans to reposition at least some of the space for office use. Terms of the deal were undisclosed, but a comparable project nearby sold for $30 million this spring.

The acquisition could mark a shift in the market for biotech space, according to John Garrigan of CB Richard Ellis in San Diego, one of a CBRE leasing team hired by the new owners. Biotech space was once in demand on both a for-sale and a for-lease basis, but Garrigan calls the current biotech market “lackluster,” so the Muller Co.’s plan to convert some of the Torrey Pines space for general office use could signal a change of direction.

At a time when the biotech real estate market has been lackluster, the Muller Co.’s purchase is significant,” Garrigan says. He says Muller has a good track record of predicting future market demand.

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