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12/15/14
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Palo Alto-based Menlo Equities Associates LLC paid $22 mil for One Technology Place, a 10-building, 152.7k sf ($144/sf) office complex in the Rancho Bernardo area of San Diego. The property is situated on 11.76 acres at 10905-10949 Technology Place, north of Bernardo Center Dr and west of I-15.
One Technology Place was sold by San Diego-based Parallel Capital Partners. It was part of the firm’s Creative Collection – a portfolio of 26 creative office, R&D and lab buildings in the tech-centric hub of Sorrento Valley and nearby Rancho Bernardo.
Built in 1985, the complex recently underwent a $3 mil renovation to capitalize on the industry’s shift toward creative office space. To that end, the renovated offices now all feature open interactive areas, instead of traditional cube spaces.
“Our goal was to provide high quality, functional space for technology-oriented companies,” noted Matt Root, CEO of Parallel Capital Partners. “With this in mind, we completed significant interior and exterior improvements to all office and common areas, as well as installed improved signage and new landscaping.”
The complex is currently 75% leased, with anchor tenants including SDG&E and Systech Corporation. Rancho Bernardo is an emerging technology hub and home to high profile companies including Sony Electronics, Hewlett-Packard, Northrop Grumman, BAE Systems and General Atomics.
Parallel Capital Partners was represented in the negotiations by Eastdil Secured. Smith Consulting Architects was the architect for the exterior renovation, with Facility Solutions providing interior design coordination and Pacific Building Group the general contractor.
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