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January 23, 2019
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American Specialty Health Agrees to $110 Mil Renewal of 200k sf in Sorrento Mesa


American Specialty Health Inc has agreed to renew nearly 200k sf of office space at the The Elements in Sorrento Mesa for over ten years. The deal is worth $110 mil.

The Elements is located at 10201 Wateridge Circle and 10221/10241 Wateridge Circle, east of I-805 and just south of Lusk Blvd. American Specialty Health comprises a large portion of the complex, which spans a total of 278.8k sf.

The three-building, five-story Class A office complex was acquired by Parallel Capital Partners in 2014. Since then, the nearly eight-acre property has undergone a more than $3.5 mil capital improvement program, including extensive upgrades to common areas, fitness center upgrades, new landscaping incorporating seating areas adjacent to water features, a new outdoor workout area and painted exteriors.

“The Elements’ location near UC San Diego, the Scripps Institute and San Diego Supercomputer Center is very attractive to large employers,” said Matt Root, CEO of Parallel Capital Partners. “Sorrento Mesa is a key technology, life science, pharmaceutical and commercial hub – making this location perfect for American Specialty Health,” he said. American Specialty Health provides specialty health care networks and programs, fitness and exercise programs and health solutions for health plans, insurance carriers and employer groups.

The listing brokers for this transaction were Mike Hoeck and Matt Carlson with CBRE, and the outside broker was Jon Altschuler with ALT+CO.

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