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Colony Realty Acquires $41M Office Site

SAN DIEGO-Copley Corporate Center, a 120,483-sf office property in the Kearny Mesa submarket, sells for $41.5 million. Tenants at the 100% occupied property include HSBC Auto Finance, University of California Regents and Kaiser Foundation Hospitals.

By Amanda Paxson | Updated on May 24, 2006

SAN DIEGO-Copley Corporate Center, a 120,483-sf office building, has been acquired by Boston-based Colony Realty Partners for $41.5 million. The three-story, fully leased property was sold by Pacific Real Estate Group.

Michael Moore, first vice president of CB Richard Ellis, tells GlobeSt.com that the market for office property is gaining steam. Moore says that the Kearney Mesa submarket, where the property is located, leads the San Diego area in total net absorption. Copley Corporate Center was on the market for approximately eight weeks before it sold.

According to Moore, Pacific had reached the end of their hold period with the property, which explains the decision to let the property go and reinvest. “Given the market fundamentals, it was a good time for them to sell,” Moore tells Globest.com.

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