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Equastone Eyes New HQ

LA JOLLA, CA-The local real estate and investment firm will relocate after the past 12 years in Downtown La Jolla. Equastone will now occupy 15,000 sf in San Diego.

By Daniel D. Williams | Updated on January 30, 2006

LA JOLLA, CA-Local real estate and investment firm Equastone has seen its business undergo rapid growth over the past year and will expand to new digs in order to accommodate that growth. The company will take 15,000 sf at 8910 University Center Lane in San Diego as its new corporate headquarters, relocating from Downtown La Jolla.David Bourne, chairman of Equastone, says the move is in direct response to the firm’s focus on private equity real estate funds. “These new funds are filling a gap in the investment world as individual investors seek new ways to invest in commercial real estate,” Bourne says, adding that that these funds’ lower minimums and shorter terms are bringing more investors to the table.Equastone recently closed its Equastone Value Fund I with $53.5 million of equity capital contributions. The fund launched in September 2004 and so far has acquired a total of 13 value-added office properties at some $200 million. “The success of Equastone Value Fund I and subsequent demand for similar investment opportunities has fueled Equastone’s growth over the last few years,” Bourne says.According to Bourne, the market is showing an increasing appetite for value-added plays as well as core-plus office properties. “Equastone intends to acquire up to one billion dollars of investment real estate over the next two years,” he says.For this year, the firm has targeted an estimated $500 million in acquisitions after landing $200 million of “under performing office and flex buildings” last year, according to company officials.The firm, which also has offices in Phoenix and Denver, will continue to buy in California, Arizona, Colorado, Nevada and Texas. Officials estimate placing $300 million of the proposed $500 million in those states. Equastone intends to also expand into new markets including Oregon, Washington, Utah, New Mexico, Illinois, North Carolina and Florida.

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