Pacific Office Buys 357,000-SF Campus for $75M

Seaview Corporate Center, at 10180-10196 Telesis Court in the Sorrento Mesa submarket, is an office and biotechnology complex that the Shidler Group's Western US operations owned in partnership with Angelo, Gordon & Co. from 2002 to 2004. Pacific Office was formed in March 2008 through a merger of The Shidler Group's Western US operations and management with an existing public entity.

According to Pacific Office, the acquisition of the office campus, which closed on Dec. 29, was the largest commercial transaction of 2009. The Shidler Group retained the management and leasing of the Seaview Corporate Center, where both Shidler and Pacific Office maintain their regional headquarters, notes Matthew Root, chief investment officer for Pacific Office Properties.

The 356,500 square feet at Seaview Corporate Center is situated on 17.95 acres, including a .394-acre parcel available for possible future development. The property is 92% occupied with major tenants including Adobe Systems Inc., Accelrys Inc., the Active Network, and one of the largest software companies in the world, SAS.

The office complex is considered a trophy property for its campus-like setting, unobstructed ocean views, quality tenants and stable cash flows, Root points out. Pacific Office represented itself in negotiations with the Principal Real Estate Investors affiliate, which was represented by Adam Edwards of Eastdil Secured.