SAN DIEGO-Cassidy Turley has been awarded the management contract for a 1 million-square-foot, 12-building office portfolio recently acquired by Starwood Capital Group. As GlobeSt.com previously reported, Starwood Capital purchased the office properties free of existing debt from Kilroy Realty Corp.
Cassidy Turley tells GlobeSt.com that there were other firms they were up against for the assignment included Jones Lang LaSalle and CBRE.
The Starwood Capital Group portfolio, which includes four buildings in Sorrento Mesa and eight in Rancho Bernardo, is 91% leased to a premier roster of credit tenants. This is the biggest management assignment awarded to the Cassidy Turley Southwest Property Management Division since its founding in 2010.
This deal brings the total square footage of assets under management to more than 6 million square feet locally and nearly 35 million square feet in California and Arizona.
Paul Klink, managing director of Cassidy Turley, calls the properties “stable and income prodicing” and adds that “Employment in San Diego is critical, and tenant retention is an integral part of what we do.”
The portfolio gives Starwood Capital Group a strong foothold in two of San Diego County's most desirable submarkets.
“We are long-term believers in the potential of the San Diego County office market, which is supported by a diverse employment base, especially in the life science, technology and health care industries,” says Mark Deason, SVP with Starwood Capital Group.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Natalie Dolce
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.
