{"id":1004732090,"date":"2024-10-07T02:28:18","date_gmt":"2024-10-07T10:28:18","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004732090"},"modified":"2024-10-07T02:29:43","modified_gmt":"2024-10-07T10:29:43","slug":"blackstones-eq-office-sells-san-diego-campus-for-77m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/blackstones-eq-office-sells-san-diego-campus-for-77m\/","title":{"rendered":"Blackstone&#8217;s EQ Office Sells San Diego Campus for $77M"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/Highlands-Corporate-Center-edited.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"1421\" height=\"1066\" data-attachment-id=\"1004732108\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/highlands-corporate-center-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/Highlands-Corporate-Center-edited.jpg\" data-orig-size=\"1421,1066\" data-comments-opened=\"0\" 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;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Highlands Corporate Center\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/Highlands-Corporate-Center-edited.jpg?w=1024\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/Highlands-Corporate-Center-edited.jpg\" alt=\"Aerial view of Highlands Corporate Center, an office campus in San Diego.\" class=\"wp-image-1004732108\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/Highlands-Corporate-Center-edited.jpg 1421w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/Highlands-Corporate-Center-edited.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/Highlands-Corporate-Center-edited.jpg?resize=768,576 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/Highlands-Corporate-Center-edited.jpg?resize=1024,768 1024w\" sizes=\"auto, (max-width: 1421px) 100vw, 1421px\" \/><\/a><figcaption class=\"wp-element-caption\">Highlands Corporate Center comprises five office buildings completed in 1985. <em>Image courtesy of Harbor Associates<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>A joint venture between Harbor Associates and F&amp;F Capital Group has acquired Highlands Corporate Center, a 211,000-square-foot, five-building office campus in San Diego.<\/p>\n\n\n\n<p>Blackstone&#8217;s EQ Office sold the asset for $77 million, public records show. Adam Edwards, Justin Shepherd and Bailey Bland of Eastdil Secured advised the REIT.<\/p>\n\n\n\n<p>According to CommercialEdge, EQ Office had acquired Highlands Corporate Center in a $3.3 billion portfolio transaction involving 136 properties in two dozen metro areas nationwide. The assets included 14.4 million square feet of office space, alongside industrial and retail space.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/you-bought-an-office-building-now-what\/\">You Bought an Office Building. Now What?<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>Highlands Corporate Center is at 12730\u201312780 High Bluff Drive in Del Mar Heights, a coastal community 20 miles north of downtown San Diego.<\/p>\n\n\n\n<p>The Class A, multi-tenant development came online in 1985, featuring 15,000-square-foot floorplates and a parking ratio of 3.8 spaces per 1,000 square feet. The property was about 90 percent leased at the time of sale, noteworthy tenants including Banner Bank and Keller Williams Realty.<\/p>\n\n\n\n<p>The seller extensively renovated the campus over the last several years to include new lobby finishes, a new conference center, fitness facilities, a tenant lounge and outdoor pavilion. In addition, the property features private balconies on several of the upper-floor tenant suites, as well as EV charging stations.<\/p>\n\n\n\n<p>Harbor Principal Rich McEvoy said, in prepared remarks, that the property\u2019s leasing success in recent years\u2014more than 40 new leases and renewals totaling 150,000 square feet since 2021\u2014can be attributed in part to its location across One Paseo, a 23-acre mixed-use development that includes more than 40 restaurants.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-slow-motion-collision\">Slow-motion collision?<\/h2>\n\n\n\n<p>Highlands Corporate Center\u2019s leasing momentum contrasts with San Diego&#8217;s broader office market. According to a recent <a href=\"https:\/\/www.commercialsearch.com\/news\/lab-space-oversupply-hits-key-markets\/\">CommercialEdge office report<\/a>, the metro witnessed a steadily rising overall vacancy that reached 19.1 percent in August, up 310 basis points over the year.<\/p>\n\n\n\n<p>This looks to be on a collision course with the San Diego office pipeline, as CommercialEdge information placed the metro among the five <a href=\"https:\/\/www.commercialsearch.com\/news\/top-markets-for-office-deliveries\/\">top U.S. markets for office deliveries<\/a>. The area saw first-half deliveries (including R&amp;D space) totaling about 2.1 million square feet across eight projects.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>This property was 90 percent leased at closing.<\/p>\n","protected":false},"author":882,"featured_media":1004732108,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,21742,21747,1608,15],"tags":[32892,33101,43400,36306],"class_list":["post-1004732090","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-latest","category-office","category-san-diego","category-west","tag-blackstone","tag-eastdil-secured","tag-eq-office","tag-harbor-associates"],"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>Blackstone&#039;s EQ Office Sells San Diego Campus for $77M - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Harbor Associates and F&amp;F Capital Group acquired Highlands Corporate Center, a five-building office campus in San Diego, from EQ Office.\" \/>\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\/blackstones-eq-office-sells-san-diego-campus-for-77m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Blackstone&#039;s EQ Office Sells San Diego Campus for $77M\" \/>\n<meta property=\"og:description\" content=\"Harbor Associates and F&amp;F Capital Group acquired Highlands Corporate Center, a five-building office campus in San Diego, from EQ Office.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/blackstones-eq-office-sells-san-diego-campus-for-77m\/\" \/>\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=\"2024-10-07T10:28:18+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-10-07T10:29:43+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/Highlands-Corporate-Center-edited.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1421\" \/>\n\t<meta property=\"og:image:height\" content=\"1066\" \/>\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\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/blackstones-eq-office-sells-san-diego-campus-for-77m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/blackstones-eq-office-sells-san-diego-campus-for-77m\/\",\"name\":\"Blackstone's EQ Office Sells San Diego Campus for $77M - 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