{"id":1004103944,"date":"2014-09-18T07:43:22","date_gmt":"2014-09-18T15:43:22","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004103944"},"modified":"2022-12-08T22:14:07","modified_gmt":"2022-12-09T06:14:07","slug":"lionstone-snaps-up-650ksf-san-diego-tech-center","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/lionstone-snaps-up-650ksf-san-diego-tech-center\/","title":{"rendered":"Lionstone Snaps Up 650 KSF San Diego Tech Center"},"content":{"rendered":"<p><em>By Barbra Murray, Contributing Editor<\/em><\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/09\/San-Diego-Tech-Center.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004103946\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/lionstone-snaps-up-650ksf-san-diego-tech-center\/san-diego-tech-center\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/09\/San-Diego-Tech-Center.jpg\" data-orig-size=\"1000,667\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"San Diego Tech Center\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/09\/San-Diego-Tech-Center.jpg?w=1000\" class=\"alignright size-medium wp-image-1004103946\" alt=\"San Diego Tech Center\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/09\/San-Diego-Tech-Center.jpg\" width=\"300\" height=\"200\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/09\/San-Diego-Tech-Center.jpg 1000w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/09\/San-Diego-Tech-Center.jpg?resize=300,200 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/09\/San-Diego-Tech-Center.jpg?resize=768,512 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a>San Diego Tech Center, a 655,600-square-foot technology and creative office campus in San Diego, has come under new ownership. Lionstone Investments acquired the trophy property from Beacon Capital Partners, which paid $152.2 million for the asset in 2012.<\/p>\n<p>Sited on 38 acres in Sorrento Mesa, the city\u2019s high-tech submarket, San Diego Tech Center consists of a single eight-story tower and eight one- and two-story R&amp;D buildings. Under Beacon\u2019s ownership, the sheen on the iconic 1980s-era property was enhanced with a $6.3 million renovation that included a host of improvements, including new features that allowed for LEED Gold certification.<\/p>\n<p>Lionstone has renovation plans of its own at San Diego Tech Center, which presently has a full house. The property is 99 percent leased and counts the likes of Sony Computer Entertainment America, Qualcomm, Novatel Wireless and Samsung as tenants.<\/p>\n<p>Although there is currently no leasable space available at San Diego Tech Center, there may very well be a great deal of it in the future;\u00a0 the campus is entitled for as much as 1.2 million square feet of additional new development.\u00a0 \u201cThis is the only campus in mid-San Diego County with such a sizable supply of entitled, developable land,\u201d Phil Monroe, principal with Locale Advisors, Lionstone\u2019s operating partner for the acquisition, stated in a press release. \u201cThis affords additional flexibility and upside as market dynamics continue to stabilize creating more demand for space in the coming years.\u201d<\/p>\n<p>The market seems to be headed in the right direction. According to a report by commercial real estate services firm JLL, which will continue to oversee leasing at San Diego Tech Center under the new ownership, there are approximately 4.9 million square feet of active tenant requirements currently in the market, and over 30 percent of those requirements are technology companies. And size matters; the dearth of large blocks of available space for larger users is one of the \u201csubstantial obstacles for high-tech tenants.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Lionstone Investments acquired the trophy property from Beacon Capital Partners, which paid $152.2 million for the asset in 2012.<\/p>\n","protected":false},"author":969,"featured_media":1004103946,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,21783,21742,21747,1608,15],"tags":[],"class_list":["post-1004103944","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-investment","category-latest","category-office","category-san-diego","category-west"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Lionstone Snaps Up 650 KSF San Diego Tech Center - 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