JQuader@browermillercole.comBuyer to Reposition Project as Creative Office & Tech Incubator Space
San Diego, Calif., (February 19, 2014) – The San Diego office of Voit Real Estate Services/CORFAC International has completed the acquisition of the iconic “Pyramid Building,” a 131,218 square-foot, six-story office property located in the Miramar submarket of San Diego. The property, initially part of the Miramar Metroplex, has been acquired by Alliance Diversified Holding, LLC, a value-add private equity firm.
Well-known for its unique, pyramid-shaped exterior structure, the property will be repositioned by the new owner as a creative office and technology center, and renamed “The San Diego Innovation Center,” according to Jon Boland, Vice President of Voit’s San Diego office, who represented Alliance Diversified. The seller in the $13.6 million transaction, APEX 1 & 2 LP, was represented by Brandon Keith, Ryan Bracker and Bob Brady, all also of Voit Real Estate Services’ 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 Jon Boland, 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.“Beyond the vibrant architecture and physical improvements, our marketing of this repositioning will include adding a tenant mix that creates a lifestyle environment that appeals to all manner of professional office tenants,” Boland explains. “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.” According to Ted Eldredge, President of Alliance Diversified, “This building was actually a bit before its time. We will now be able to bring this dynamic property to its full potential as a creative shell in which creative companies will thrive.” The property, which is located at 7310 Miramar Road in San Diego, is in close proximity to the I-15, 805, 52 and I-5 freeways. 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.Leasing information is available by contacting Jon Boland or Brandon Keith at (858) 453-0505.
About Ted Eldredge, President, Alliance DiversifiedFormerly with CB Richard Ellis and Manchester Financial Group, Ted Eldredge will oversee the repositioning of The San Diego Innovation Center. In 2012, Eldredge was instrumental in facilitating the purchase of 11011 Torreyana Road, a 76,000 square-foot life science project in the Torrey Pines market of San Diego. When acquired, the project was 100 percent vacant, and it is 95 percent occupied today.
About Voit Real Estate Services/CORFAC InternationalVoit Real Estate Services is now a 10-office commercial real estate firm that, through its brokerage and asset services professionals working together, provides strategic property solutions tailored to clients' needs. Combining 40 years of expertise in brokerage, investment advisory, financial analysis, market research, asset management, tenant advisory and property management services, Voit provides clients with forward looking strategies that create value for their assets and portfolios.Voit is a privately held, debt-free firm that has successfully navigated numerous market cycles since 1971 and currently employs more than 250 people. Voit has owned, developed and managed over 50 million square feet of commercial real estate, participated in $1.4 billion of construction projects and completed over $36 billion in brokerage transaction volume. Further information is available at www.voitco.com.
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