5 October 2018
Union Investment sells office property in California
Union Investment has sold the Paseo del Mar office property in San Diego, California to Irvine Company. The Class A building comprises approximately 22,000 sq m of rental space and had an occupancy rate of around 84 per cent at the time of sale. Constructed in 2006, the office building was acquired by Union Investment in 2008 and held in its Unilmmo: Europa fund. The sale price is above the most recent expert valuation of the property. The vendor was advised on the transaction by Eastdil Secured.
The Paseo del Mar office property is located in the Del Mar Heights office market, the most sought-after submarket in San Diego. It consists of three individual buildings, each with three storeys. The main tenants in the property include law firms Sheppard Mullin and Pillsbury Winthrop, as well as wealth advisers Dowling & Yahnke. In addition to approximately 22,000 sq m of rental space, the building offers around 1,100 parking spaces, with charging stations for electric vehicles. The Paseo del Mar office ensemble includes a fitness centre plus a bistro for tenants and their guests.