Pacific Office Properties Acquires San Diego Complex

0

Pacific Office Properties Trust Inc. on Tuesday said it acquired a five-building San Diego office and biotechnology complex known as Seaview Corporate Center, where it has an office.

This $75 million acquisition increases the Los Angeles real estate investment trust’s total portfolio under management to 4.7 million leasable square feet, the company said. The property it acquired has 356,500 leasable square feet that is 92 percent occupied, with major tenants that include Adobe Systems Inc. and software giant SAS.

“We have been managing, leasing and occupying the Seaview Corporate Center since 2002, and have continued to closely monitor its status,” said Matthew Root, chief investment officer. “We are very pleased to conclude this transaction, bringing this highly accretive property into Pacific Office’s portfolio.”

Shares were down 5 cents, or 1 percent, to $4 in midday trading on the New York Alternet.

No posts to display