The new tenant, David Chotiner, DMD, will occupy suite 100 in the Downtown facility, which is located at 1230 Columbia St. The ten-year agreement is valued at $709,409. Chotiner says he will move his dentist practice to the newly leased location in October of this year. He is currently operating in Oceanside and Tierrasanta.
Bradford Perry of Burnham Real Estate Services ONCOR International acted on behalf of Chotiner. The lessor, TIAA Realty Inc., was represented by Mitchell Tigg of Wilson Thorn Properties.
The transaction comes as the San Diego office market is still experiencing a slowdown in leasing and rental rates. Office vacancies continue to rise, while rents have dropped by 4.8% over the past 12 months, according to a recent report by Marcus & Millichap Real Estate Investment Brokerage Co. However, the firm's researchers do predict that the trend of declining rents will reverse this year, with expectations of a 0.5% increase to $21.72 per sf.
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