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August 9, 2020
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Irvine Company Buys 235k sf Office Asset in San Diego’s Del Mar Heights


Irvine Company has acquired Paseo Del Mar, a 235k sf, Class A office project located in Del Mar Heights. Paseo Del Mar is located at 12255, 12265 and 12275 El Camino Real, north of Hwy 56 and just east of I-5.

Completed in 2006, Paseo Del Mar’s three, three-story buildings feature premium campus office architecture, include efficient and highly flexible floor plates and an abundance of onsite amenities that provide workday conveniences to enhance workforce productivity. Amenities include a café, Wi-Fi enabled courtyard, subterranean reserved parking, electric vehicle charging stations, fitness center with full-service locker rooms and several walking trails.

Paseo Del Mar is leased to a diverse group of industry-leading companies, including Sheppard Mullin, Pillsbury Winthrop, Dowling & Yahnke Wealth Management, Bank of Southern California, Kilpatrick Townsend, and Compass.

The project is centrally located, just a short drive from the newly revitalized Del Mar Highlands Town Center, a retail destination in coastal North County, which is currently undergoing an expansion that will include 120k sf of additional retail including 40 contemporary shops and top-rated restaurants.

The seller is Union Investment, advised by Metzler Real Estate. Adam Edwards, Brian Russell and K.C. Scheipe of Eastdil Secured handled negotiations on behalf of the seller. The sales price was not disclosed.

This is Irvine Company’s fourth significant San Diego office property purchase in the past 12 months. In total, the company has added nearly 1 msf to its San Diego office portfolio in the past year. Irvine Company owns 9 msf of San Diego office workplace communities in Downtown, Del Mar Heights, La Jolla UTC, Mission Valley, and Sorrento Mesa.

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