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2/20/14
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Alliance Diversified Holding LLC has acquired the “Pyramid Building,” a 131.2k sf, six-story office property located in the Miramar submarket of San Diego, for $13.6 mil ($104/sf). The property, initially part of the Miramar Metroplex, is located at 7310 Miramar Rd, in close proximity to the I-15, 805, 52 and I-5 freeways.
Well-known for its unique, pyramid-shaped exterior structure, the building will be repositioned by the new owner as a creative office and technology center, and renamed “The San Diego Innovation Center.” The building offers multi-tenant and full-floor leasing options, and is zoned for a wide range of uses, including medical, general office, and retail sales. The new owner intends to invest in cosmetic upgrades to provide a more professional office atmosphere, and to improve suites on each floor in order to accommodate interested tenants.
Jon Boland, Vice President of Voit’s San Diego office, represented Alliance Diversified, a value-add private equity firm. The seller in the deal, APEX 1 & 2 LP, was repped by Brandon Keith, Ryan Bracker and Bob Brady, all also of Voit’s San Diego office.
“As one of the most recognizable and architecturally notable office buildings in San Diego, The San Diego Innovation Center will be a natural fit for technology, R&D, medical/wellness, and traditional office tenants seeking creative office space,” says Keith, a Senior Vice President in Voit’s San Diego office. “The first floor, which has historically been leased to home furnishing tenants, will now be leased to business support services and amenity-based uses in order to better serve other tenants.”
According to Boland, “Ownership intends to fill the ground floor with high-end health and fitness uses, a restaurant, and business support services that will meet the demand of the new creative, medical, technology and R&D tenants we will be attracting here.”
From its opening, the Pyramid was hailed as an architectural landmark. The project was featured in an architectural review by Dirk Sutro of the Los Angeles Times when it first opened in 1992. Sutro hailed the design as San Diego architect N. Charles Slert’s “most distinctive office design yet.”
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