Starwood Capital Taps Cassidy Turley To Manage 1 MSF Office Portfolio
Cassidy Turley, a commercial real estate services company, is reaping some of the benefits of the monster office deal completed between Starwood Capital Group Global and Kilroy Realty Corporation. After the deal worth around $327 million was completed earlier this year, the new owner has already made the first change to the portfolio, by awarding the management contract for the 12 office assets to Cassidy Turley. The properties are located in two of San Diego’s best performing submarkets in terms of commercial real estate, four of them in Sorrento Mesa and the other eight in Rancho Bernardo.
By Alex Girda, Associate Editor
After completing the blockbuster $327 million acquisition of a San Diego-area office portfolio from Kilroy Realty Corp., Starwood Capital Group has tapped Cassidy Turley to manage the properties.
Totaling 1.1 million square feet, the 12 properties are located in two of San Diego’s best- performing submarkets: eight in Rancho Bernardo and four Sorrento Mesa.
At closing,
the assets were about 9 percent vacant, well below the 15.8 percent average Class A vacancy rate in San Diego reported for the third quarter by Marcus & Millichap Real Estate Investment Services Inc. San Diego’s office market has continued to keep pace with the national decline in Class A vacancy, Marcus & Millichap confirmed.
For Cassidy Turley, the assignment is the largest to date for the firm’s southwest property management unit since its launch in 2010, rentv.com
noted. The Starwood commission brings Cassidy Turley’s local property management portfolio to about 6 million square feet and 35 million square feet in California and Arizona.
Chart courtesy of Marcus and Millichap Real Estate Investment Services at marcusmillichap.com
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