SAN DIEGO—TriGate Property Partners II, L.P., in partnership with San Diego-based Cypress Office Properties, has acquired Olympia Plaza, a 130,000 square foot office and corporate headquarters project in the Kearny Mesa submarket of San Diego. The new owners plan to maximize their investment by completing major interior and exterior renovations at the three-building office complex.

“We are delighted to have completed the purchase of Olympia Plaza and look forward to working with Cypress to renovate and lease the property,” said TriGate Vice President Jason Obenhaus. Olympia Plaza represents TriGate's first investment with Cypress Office Properties. Mr. Obenhaus added that “the acquisition continues TriGate's national track record of purchasing assets and loans from financial institutions quickly and with certainty.”

In order to devise and execute a strategy that will lead to a quick lease-up for the building, Cypress has brought on board Jones Lang LaSalle's Executive Vice Presidents Richard Gonor and Tony Russell, brokers with strong track records of helping to reposition office properties and quickly filling vacancies at such properties as La Jolla's The Aventine, National City's South Bay Corporate Center and downtown's 450 B Tower.