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September 22, 2023
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Longfellow Real Estate Partners Closes $315 Mil Office Buy in San Diego


Longfellow Real Estate Partners LLC closed on the acquisition of a nine-property office portfolio totaling 371.3k sf ($850/sf) in San Diego. The portfolio was sold by PS Business Parks in a $315.4 mil transaction. Longfellow intends to redevelop the entire portfolio into a state-of-the-art life sciences campus.

The portfolio comprises properties located at 6150, 6160, 6370, 6440, 6450, 6540, 6640 and 6650 Lusk Blvd and 10225 Barnes Canyon Rd in the heart of the Sorrento Mesa submarket. All nine properties are two-story buildings that are zoned for office, light industrial and other commercial uses, including life sciences.

Positioned on just over 20 acres, the properties are surrounded by numerous top life sciences corporate headquarters and emerging technology companies. In addition, the portfolio has convenient access to top San Diego research institutions, including Scripps Research, UC San Diego, the Salk Institute and Sanford Burnham Prebys Medical Discovery Institute.

Lynn LaChapelle, Bob Prendergast, Sach Kirpalani and Michael Leggett with JLL Capital Markets represented the seller in the deal.

“This was a rare opportunity to acquire a life sciences redevelopment opportunity of scale in one of San Diego’s hottest emerging life sciences and innovation hubs,” LaChapelle said. “We received tremendous investor interest in the offering and are really excited to see Longfellow take ownership and transform the property into a modern life sciences campus.”

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