Lowe JV Plans 277,000-SF Office Campus

SAN DIEGO-Although the development of new office product had slowed to a trickle in recent years locally, the sector has been primed for growth and has definitely seen a shifting attitude of late. Downtown is experiencing significant new development with projects such as DiamondView Tower on the horizon, but a strong appetite is picking up with suburban office campuses as well.Lowe Commercial Development Co., a joint venture between Los Angeles-based Lowe Enterprises and the Teachers Insurance and Annuity Association, which is a part of TIAA-CREF, received final approval recently on a three-building, 277,000-sf office campus in northern San Diego.”The I-15 corridor offers great growth potential,” says Brad Hillgren, the Irvine-based president and CEO of Lowe Enterprises Real Estate Group, “so, to control an asset like this, is really a perfect opportunity for us.”Hillgren tells Globest.com the project could break ground as early as this summer, but that will all depend on the final plans for the site. The development will offer the three, three-story buildings, which will each count roughly 92,000 sf. Development of the project, known as the Vista at Rancho Bernardo, will depend on whom Lowe finds to fill it.”We received great entitlements on the site that offer us flexibility,” says Hillgren. “We have an opportunity to develop the site as either a build-to-suit or on a spec basis. We’re marketing the site for both possibilities.”Mike McNerney, senior vice president with Lowe Enterprises says the site is near significant new housing developments and “would be an attractive location for corporate, engineering and R&D companies.”The site is on a 10-acre parcel adjacent to NCR’s 450,000-sf campus on Via del Campo Road and is being designed by Robbins Jorgensen Christopher architects. Lynn LaChapelle and Thomas van Betten of Burnham Real Estate Services are marketing the site to potential tenants. Amenities will include shower and locker facilities, an outdoor basketball court and a synthetic putting green adjacent to a walking and jogging trail.Hillgren adds that Lowe is bullish on the San Diego market in general. The company just completed Ocean Ridge, a 75,000-sf class A office project in Carlsbad. Lowe also developed and manages the Estancia Hotel and Conference Center in La Jolla.