First Citizens Bank Acquires 2 Office Buildings

First Citizens Bank & Trust Co., a wholly owned banking subsidiary of First Citizens BancShares, Inc., has expanded its presence in San Diego with the purchase of two Class A office buildings totaling more than 160,000 square feet of space. First Citizens plans to occupy part of the space in 2029.

The properties are 12481 and 12531 High Bluff Drive in San Diego’s Del Mar Heights/Carmel Valley submarket. First Citizens Bank did not disclose the seller or price paid for the assets. The most recent owner was PGIM Real Estate, which purchased both buildings in January 2006 as part of a $753 million, 44-property portfolio transaction with Prentiss Properties Trust, according to Yardi Matrix.

The buildings will have offices for First Citizens’ Commercial Bank associates, including from its Silicon Valley Bank division, which will soon be rebranded as First Citizens Innovation Banking and First Citizens Fund Banking. The Silicon Valley Bank division has had a presence in the San Diego market for more than 30 years. First Citizens Bank acquired most of SVB’s business out of Federal Deposit Insurance Corp. receivership, including customer deposits and loans, after the bank collapsed in March 2023.

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At the time, First Citizens said the purchase added significant scale, geographic diversity and digital capabilities, including relationships with private equity and venture capital firms. First Citizens currently has more than 100 associates in San Diego and over 1,000 associates across Southern California.

First Citizens Commercial Bank offers leasing, lending, capital markets, asset management and other financial and advisory services. The bank’s services are primarily focused on commercial and middle-market companies in maritime, aerospace and defense sectors.

Closer look at new assets

Both LEED Gold-certified buildings were completed in 2005. 12531 High Bluff Drive is the larger of the two buildings, with 92,929 square feet of space on 3.53 acres, according to Yardi Matrix. 12481 High Bluff Drive has 67,329 square feet of space and is situated on 3.86 acres, the same source shows. Both buildings have newly renovated lobbies, outdoor collaboration spaces and a shared fitness and conference centers. The complex has shared parking totaling more than 700 spaces.
Tenants at 12531 High Bluff Drive include Morrison Foerster law firm, Wells Fargo and HUYABIO International, a biopharmaceutical firm.

Tenants at 12481 High Bluff Drive include Charles Schwab, FundLoans, Pacific Western Bank, Aspiriant Wealth Management, Brockman Quayle Bennett law firm and TailoredSpace, a coworking and flexible workspace provider.

The buildings are located off I-5 and are within walking distance to dining and retail options at One Paseo and Del Mar Highlands Town Center, including the Sky Deck food hall.

Bay Area CRE purchases

First Citizens Bank expanded office space in Northern California with two acquisitions last year. In November, First Citizens Bank acquired a six-story 160,000-square-foot office building at 667 Mission St. for $92 million. Align Real Estate was the seller, according to Yardi Matrix. The property features an 8,000-square-foot rooftop terrace that is used as an event space. First Citizens Bank is renovating the asset ahead of its anticipated 2027 move-in date. The company will occupy a portion of the building and lease the remaining space.

It was the second Bay Area office acquisition for the company last year. In August 2025, First Citizens Bank acquired 250 University Ave. in Palo Alto, Calif., a 38,000-square-foot office building for $82 million. The company also planned to make renovations to the property and move in during 2027.

At the time of the acquisitions, First Citizens Bank had 500 associates in San Francisco with 1,000 employees in the greater Bay Area. The company’s Silicon Valley Bank division has been in the region for the last 25 years.

Based in Raleigh, N.C., parent company First Citizens BancShares is a Fortune 500 company and a top 20 U.S. financial institution with more than $225 billion in assets.