SAN DIEGO-Owner Transportation Properties LLC has hired Jones Lang LaSalle to take over management of Wateridge Pavilion. The office property is located at 10525 Vista Sorrento Pkwy. in the Sorrento Valley submarket.
Wateridge Pavilion totals 62,156 square feet and is visible from Interstate 805. The garden office building is recognizable for its exterior, cascading water feature, says a prepared statement.
General manager Karen Christian, who joined Jones Lang LaSalle earlier this year, has managed the building since 2006. Approximately 20,500 square feet of space—one full floor—is currently available for lease on the third floor of Wateridge Pavilion.
“Transportation Properties values the consistency of management Jones Lang LaSalle is able to provide along with our comprehensive array of strategies to help reduce costs and enhance value,” says Michael Prabhu, JLL director of property management for Southern California.
According to a recent San Diego office forecast from Grubb & Ellis, class A office properties wioll lead a slow recovery through improved occupancy, “thus justifying an eventual increase in rental rates.” In addition, “new speculative construction will require significant tenant commitments in order to be built.” Lastly, the forecast says that “conditions will remain advantageous for tenants, however landlord concessions have peaked and lease rates have compressed to their absolute minimum.”
CBRE says that lease rates at the project are in the $1.85-per-square-foot plus utilities range. “We have seen strong activity from the following industry groups: Software and technology; engineering; telecommunications; and financial services.”
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Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
