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May 22, 2024
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Two-Building Office Portfolio in San Diego Fetches $145 Mil


Governor Park Portfolio, consisting of two office buildings totaling 212.2k sf in San Diego’s UTC submarket with life sciences redevelopment potential, has sold for $145 mil ($683/sf). The buildings are situated on individual parcels at 6200 and 6220 Greenwich Drive, west of Hwy 52 and just west of I-805.

The building at 6200 Greenwich Drive measures 71k sf and sits on a 4.41-acre parcel. It is 100% leased to University of California, San Diego (UCSD) through May 2026.

The building at 6220 Greenwich Drive totals 141.2k sf and is located on its own 6.24-acre parcel. The building is fully leased to Mitchell International through October 2025.

The portfolio has been institutionally owned and operated since the buildings were originally developed. It is serviced by ample surface parking as well as a five-story parking facility, providing an above-market-standard parking ratio.

Mitchell International recently placed the entire 6220 building on the market for sublease, making the 100% leased portfolio 67% available for a variety of different executions at the site. These include the near-term potential to reposition or convert the building to life sciences use to capture the explosive growth in San Diego’s thriving innovation sector. The portfolio also offers the longer-term option to execute a ground-up life science campus development across both parcels.

The portfolio presents direct, high-image visibility to Interstate 805 and is located in San Diego’s Governor Park market, just two exits south of the region’s amenity base in University
Town Center (UTC). UTC and the closely located Sorrento Mesa marketplace are at the confluence of San Diego’s surging life science and technology markets.

The parties in the deal were not immediately named. Newmark Co-Head of U.S. Capital Markets Kevin Shannon and Executive Managing Directors Brunson Howard, Paul Jones and Ken White represented the seller in the transaction.

Life science venture capital funding totaled a record $43.3 bil in 2021, according to a study from Newmark Research. Abundant fund dry powder and fundraising activity as well as continued disruption to property types such as conventional office have fueled the increase in capital into life science real estate. This trend, combined with 2022 deliveries of newly developed and renovated life science product in the top supply-constrained markets, is expected to keep life science investment at higher levels compared with pre-pandemic years.

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