SAN DIEGO-CB Richard Ellis Realty Trust has acquired a134,000-square-foot two-story class A corporateheadquarters/R&D building at 10450 Pacific Center Court in theSorrento Mesa submarket that is fully leased to Time Warner Cablethrough 2018. The building is the cable company's regionalcorporate headquarters and R&D facility.

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The property, which has additional entitlements for 86,000square feet of office development that includes a structuredparking garage, is just north of Mira Mesa Boulevard and is home tonumerous telecommunications, medical/biotech and defensecontracting companies. CBRE Realty Trust describes the SorrentoMesa submarket as "a primary office and R&D location that hashigh barriers to entry for further development."

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Jack A. Cuneo, CEO and president of CB Richard Ellis RealtyTrust, notes that Time Warner Cable has been a long-term tenant inthe market and serves over 400,000 households from the building.The cable company relocated to the property in 2006, consolidatingits operations into the building from three separate facilities.The building is a critical use facility that houses management,corporate operations personnel and service technicians.

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The CBREs Realty Trust team worked with acquisition directorScott Morse and the acquisitions team from CBRE Investors toacquire the property, which is the trust's second acquisition inthe San Diego area. CBRE REalty Trust is an indirect wholly ownedsubsidiary of CB Richard Ellis Group.

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Terms of the transaction and the seller were not disclosed, butreal estate industry sources indicate that the seller was Irvine,CA-based LBA Realty. The seller was represented by Nick Psyllos ofthe San Diego office of CB Richard Ellis.

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LBA bought the 10450 Pacific Center Court building in 2005 for$17.8 million, according to a GlobeSt.com report at the time. Thereport said that LBA signed Time Warner to the long-term leaseshortly after closing escrow on the 2005 deal.

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