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Equastone Sells Faraday Center for $41M

CARLSBAD, CA-The 229,753-sf property, which has undergone a repositioning from a single-tenant R&D building to a multi-tenant office building, is 49% occupied at the time of sale.

By Nellie Day | Updated on January 31, 2007

CARLSBAD, CA-The 229,753-sf Faraday Corporate Center has sold for $41.5 million. Before selling the property, San Diego-based Equastone repositioned the space from single-use R&D to multi-tenant class A office, due to the submarket’s economy and needs.

“We multi-tenanted [the center] so we could accommodate different configurations,” David Bourne, Equastone’s chairman, tells GlobeSt.com. “By putting in a common-area lobby and common-area corridors we were able to have lots more flexibility when leasing the space. We had it on the market and we were trying to find a super large tenant…we weren’t successful. Once we split it we had lots of activity.”

The center, which was sold to DRA Fund V LLC, an investment fund run by New York-based DRA Advisors, can now accommodate tenants from 57,000 sf to 128,000 sf.

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