The project, which will be known as Gateway at Torrey Hills, broke ground last week. The class A office property will include two, four-story buildings and total 200,000 sf, according to Jason Wood, director of development for Cisterra Partners. Wood tells GlobeSt.com the buildings are not identical but are very similar in size and scope and will be marketed as both single-user and multi-tenant properties. Dave Odmark, Rick Reeder and Joe Anderson all of Grubb & Ellis/BRE Commercial will market the project.
The site has an interesting history, with Cisterra's acquisition being the latest in a string of deals. Prentiss Properties Trust held it until it merged with Brandywine Realty Trust. According to Wood, Prudential then "spun off some of that portfolio to Prudential in January."
Cisterra and Prudential had partnered on the DiamondView Tower site and further that relationship with the Torrey Hills site. "We've been working with Prudential to set up construction financing and design and just closed on the land at the end of June," Wood adds. Tim Wright of the San Diego office of Holliday Fenoglio Fowler arranged the financing. Pacific Life is handling the construction loan.
Wood says the Torrey Hills/Del Mar submarket has consistently been the strongest office submarket in San Diego in recent years, making it an attractive project for Cisterra, who also developed the Biogen Idec research and corporate campus in the UTC submarket in 2005. The Torrey Hills project is set for a fall 2007 completion date.
As for DiamondView, Wood says the project is about 35% pre-leased, with CB Richard Ellis inking the most recent deal, a 6,500-sf lease. Comerica Bank and Cox Communications both agreed to long-term leases at the nearly 308,000-sf project that overlooks Petco Park. Both firms will have signage on the building's exterior, with a third signage space still available.
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