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Cisterra Eyes 200,000-SF Office Project

SAN DIEGO-Cisterra Partners picks up 7.7 acres from Prudential Real Estate Investors for an undisclosed amount and will develop a class A office property on the site located in the Torrey Hills submarket.

By Daniel D. Williams | Updated on July 10, 2006

SAN DIEGO-With work continuing on Cisterra Partners’ 15-story DiamondView Tower project Downtown, the firm has another office project in the pipeline. Cisterra acquired 7.7 acres from Prudential Real Estate Investors recently for an undisclosed amount and will develop a class A office property on the site located in the Torrey Hills submarket. Total costs are estimated at $83.5 million.

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.”

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