{"id":1004487520,"date":"2020-10-27T03:18:15","date_gmt":"2020-10-27T11:18:15","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004487520"},"modified":"2020-10-27T03:18:15","modified_gmt":"2020-10-27T11:18:15","slug":"manchester-financial-group-lands-212m-for-navy-hq","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/manchester-financial-group-lands-212m-for-navy-hq\/","title":{"rendered":"Manchester Financial Group Lands $212M for Navy HQ"},"content":{"rendered":"
\"Manchester<\/a>

Manchester Financial Group\u2019s team at U.S. Navy\u2019s Region Southwest Headquarters. Image courtesy of Manchester Financial Group LP<\/em><\/p><\/div>\n

Manchester Financial Group LP, of San Diego, has received a $212 million term loan facility provided by funds managed by Brevet Capital, of New York. The loan proceeds were used to finance the development and construction costs of the U.S. Navy\u2019s Region Southwest Headquarters<\/a> in San Diego, which the Navy is moving into this month.<\/p>\n

\n

READ ALSO<\/strong>: San Diego Commercial Real Estate Wrap-Up \u2013 September 2020<\/a><\/p>\n

\n

The headquarters is in turn part of Manchester Pacific Gateway, a 3 million-square-foot, 14-acre mixed-use development with office, hotel and retail space on the San Diego waterfront and port district.<\/p>\n

Completed at the end of September, the Navy regional headquarters is a 17-story, 373,000-square-foot Class A office that will accommodate 1,700 Navy and civilian employees. The project replaces a 1920s-vintage headquarters building that will be demolished starting next January.<\/p>\n

Brevet is a specialty finance provider that focuses on the government sector. A Manchester spokesperson did not reply to Commercial Property Executive<\/em>\u2019s request for additional information.<\/p>\n

Life sciences stays healthy<\/h2>\n

Also in late September, IQHQ acquired from Manchester five of the project\u2019s seven blocks, on which IQHQ will develop the $1.5 billion San Diego Research and Development District<\/a>, a life sciences campus that will include retail space and a museum. The blocks that Manchester is retaining feature a 1,035-key waterfront hotel and 1.9-acre plaza.<\/p>\n

Manchester Pacific Gateway\u2019s development manager is Dealy Development, the architect is Gensler, the civil engineer is Design Consultants, the general contractor is Turner Construction, and the landscape architect is KTU&A Landscape.<\/p>\n

San Diego is the nation\u2019s third-largest life sciences market, with a metro-wide inventory estimated at 19.0 million square feet, according to a June report from NGKF. And so far, it has been resilient to the effects of the pandemic: 95 percent-plus of rents were collected as of April, with lease rates and concessions on new leases remaining unchanged.<\/p>\n

One new evolution in the market, NGKF says, is that \u201cseveral new landlords have emerged with recent acquisitions of flex parks that they will re-purpose to traditional life science space.\u201d<\/p>\n

The average overall vacancy is about 7.1 percent, and about 13.4 percent if the transitional new developments are included, also according to NGKF.<\/p>\n","protected":false},"excerpt":{"rendered":"

The term loan replaces the construction financing on the newly completed office tower, which is part of a 3 million-square-foot mixed-use development on the San Diego waterfront.<\/p>\n","protected":false},"author":882,"featured_media":1004487580,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21808,21825,21752,21742,21747,1608,15],"tags":[33012,48695,37998,32845,33850],"class_list":["post-1004487520","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-featured","category-finance","category-mixed-use","category-latest","category-office","category-san-diego","category-west","tag-gensler","tag-iqhq","tag-manchester-financial-group","tag-ngkf","tag-turner-construction-company"],"acf":[],"yoast_head":"\nManchester Financial Group Lands $212M for Navy HQ - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/manchester-financial-group-lands-212m-for-navy-hq\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Manchester Financial Group Lands $212M for Navy HQ\" \/>\n<meta property=\"og:description\" content=\"The term loan replaces the construction financing on the newly completed office tower, which is part of a 3 million-square-foot mixed-use development on the San Diego waterfront.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/manchester-financial-group-lands-212m-for-navy-hq\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2020-10-27T11:18:15+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/10\/Manchester_Team_at_Navy_Headquarters-copy.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/manchester-financial-group-lands-212m-for-navy-hq\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/manchester-financial-group-lands-212m-for-navy-hq\\\/\"},\"author\":{\"name\":\"Scott Baltic\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/61ac1450f3ffaa0e850b834c28526555\"},\"headline\":\"Manchester Financial Group Lands $212M for Navy HQ\",\"datePublished\":\"2020-10-27T11:18:15+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/manchester-financial-group-lands-212m-for-navy-hq\\\/\"},\"wordCount\":394,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/manchester-financial-group-lands-212m-for-navy-hq\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2020\\\/10\\\/Manchester_Team_at_Navy_Headquarters-copy.jpg\",\"keywords\":[\"Gensler\",\"IQHQ\",\"Manchester Financial Group\",\"NGKF\",\"Turner Construction Company\"],\"articleSection\":[\"Development\",\"Featured\",\"Finance\",\"Mixed Use\",\"News\",\"Office\",\"San Diego\",\"West\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/manchester-financial-group-lands-212m-for-navy-hq\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/manchester-financial-group-lands-212m-for-navy-hq\\\/\",\"name\":\"Manchester Financial Group Lands $212M for Navy HQ - 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