Falcon, based in New York City, is an advisory and managementservices firm representing non-US individual and institutionalinvestors in US real estate. Falcon, which maintains a regionaloffice in San Diego and will be the asset manager of the property,purchased the University Pacific Centre on behalf of GEM UniversityPacific LLC.

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Falcon executive vice president Scott Sweeney, who is based inSan Diego, cites the University Pacific Centre's "premier locationwithin the prestigious UTC office submarket, with frontage onInterstate 5." He notes that the office building providesfreeway-visible building signage and the most generous parkingratio in the UTC submarket, four spaces per 1,000 sf of officearea.

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University Pacific Centre is 87% leased to a wide range oftenants including Pharmaceutical Research Associates, EpiCept Corp.and the Merrill Corp. “Falcon views this property as asecure long-term hold,” Sweeney comments.

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Sweeney says that Falcon's business plan calls for addressingthe existing vacancies and also reviewing upcoming leaseexpirations as an opportunity to increase cash flow by bringingbelow-market rental rates to market levels. Plans also call forupgrading some of the systems in the building, which wasconstructed in 1987, and additional improvements to increaseoccupancy and maintain the building’s status as ahigh-end office property.

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Sweeney adds that Falcon sought out University Pacific Centrebecause of its easy freeway access and strategic location. Theproperty is across the street from the 419-room Hyatt Regency Hotelof La Jolla, the Sporting Club fitness center and several high-endrestaurants. The University of California at San Diego is acrossInterstate 5 from University Pacific Centre, and San DiegoInternational Airport is approximately 15 to 20 minutes from thebuilding, as is Downtown San Diego.

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Falcon represented the buyer in the acquisition. The seller wasrepresented by Adam Edwards, Daniel Broderick and Rick Stumm ofEastdil Secured.

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