Kilroy Inks Lease at San Diego Mixed-Use Campus
A construction company will take space at the Gensler-designed office building.
One Paseo. Image courtesy of McCarthy Building Cos. Inc.
McCarthy Building Cos. Inc. has signed a 30,000-square-foot office lease at One Paseo, a recently completed, mixed-use development in San Diego. Kilroy Realty is the owner of the approximately 1.4 million-square-foot campus, CommercialEdge data shows. JLL negotiated on behalf of the construction company.
One Paseo features 286,000 square feet of Class A office space, across a pair of buildings designed by Gensler. McCarthy’s new space will be located at the 194,445-square-foot Building 2.
Situated at 12830 El Camino Real, the six-story structure comprises three passenger elevators and 778 covered parking spots. The campus’ other office building at 12860 El Camino Real totals 91,555 square feet on four stories and offers 366 covered parking spots.
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One Paseo received LEED Gold and Energy Star certifications. Its office tenant roster includes biotech investment funds company Boxer Capital, Fish & Richardson, Cushman & Wakefield, JPMorgan Chase, ACADIA Pharmaceuticals and Bank of America, according to CommercialEdge data.
The five-building, 23.6-acre complex is part of the the Carmel Valley submarket and includes more than 40 retail and dining spaces, along with 600 luxury residential units. Common-area amenities include indoor and outdoor spaces, wellness areas, a pet spa, swimming pools, a fitness center, a common-area tenant lounge, a conference center, lockers and multiple coworking spaces.
The mixed-use development is close to Interstate 5 and U.S. State Route 56, 2.6 miles from Del Mar Heights neighborhood, 18 miles from San Diego International Airport and within 19 miles of downtown San Diego.
JLL’s team of Senior Vice President Nicole Winters, Managing Director Shawn Lorentzen and Executive Vice President Scott Wetzel negotiated on behalf of McCarthy.
A closer look at San Diego
According to a recent CommercialEdge report, life science-driven markets scored higher occupancy rates overall, with San Diego’s vacancy rate settling at 15.4 percent as of May, below the national average of 17.1 percent. The life sciences sector is also keeping asking rates higher in leading markets, with rents reaching $47.83 per square foot in San Diego that same month.
Roughly a year ago, Kilroy inked a 72,500-square-foot lease with biopharmaceutical company Halozyme Therapeutics at one of its corporate campuses in San Diego. Looking to relocate its headquarters, the new tenant took space at Del Mar Corporate Centre, a three-building campus encompassing approximately 377,549 square feet of Class A office space.
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