Office Tenants Want ‘Healthy-Lifestyle’ Spaces

Creative office may be the buzzword for office properties today, but healthy-lifestyle is truly what tenants want. LPC West has acquired Polo Plaza, a two-building mixed-use office property in Del Mar, with plans to convert it into a lifestyle-driven office and retail campus that will appeal to San Diego companies. The renovation will include exterior renovations, upgraded landscaping, parking upgrades, food and dining options and small ExecuOffices.

“In San Diego, we see a continued migration of companies to healthy-lifestyle environments that are also flexible, convenient and amenity-rich,” Brig Black, EVP of Southern California for LPC West, tells GlobeSt.com. “For many companies, small and large, that means locating in non-traditional spaces and buildings, where they can highlight or brand their unique company through their workplace environment.”

The location of Polo Plaza, which is at the intersection of the rapidly changing Del Mar and Rancho Santa Fe markets, played a major role in LPC West’s decision to buy the asset. “We are focused on the best locations and irreplaceable real estate. Polo Plaza is an example of both,” says Black. “Generally, we see are witnessing an explosion of gentrification and redevelopment of San Diego coastal city locations for office and specialty retail.”

Located across from the Del Mar Polo Fields. The property is 57,253 square feet and is currently 92% occupied. LPC West is excited about the potential for the property. “Through exterior enhancements, we are transforming the buildings into a Mediterranean-style, mission-themed project,” explains Black. “In addition to luxury corporate offices, we will offer our signature Execu-Offices, ranging from 150 to 500 square feet, with conference and kitchen facilities and a high-image reception area complete with personal assistant. The plaza will also feature a new café offering coffee, breakfast and lunch in a modern and sophisticated indoor-outdoor setting.”

Local ownership as owned the property for the last 31 years, and the seller wanted a local buyer that would redevelop the asset into a community-focused space. “One of the many buyer candidate criteria from this seller was to transfer the project to someone local—someone who would be a good steward of its tenants and operate it for the benefit of the local community,” says Black. “It probably helped that I live in the area and this is the community where we raise our family.”

LPC West purchased the property for $27.5 million. The local investor’s name was not disclosed.