The Office Condo Market is Back

Quinn: “Architectural and design are among the prime users, as are medical firms such as dentists and physicians.”

CHULA VISTA, CA—With an escalating commercial real estate market and low interest rates, office condos are relatively affordable, Pathfinder Partners’ VP Matt Quinn tells GlobeSt.com. The San Diego-based company recently announced that office condos at Eastlake Medical and Professional Center—a nearly 70,000-square-foot office and medical condominium project located at 2080-2090 Otay Lakes Rd. in Chula Vista’s Eastlake area—are 60% sold, with seven condo suites remaining. The project consists of 10 class-A office buildings on 4.2 acres with suites ranging from 5,200 square feet to 10,700 square feet. Pathfinder acquired the class-A complex in a foreclosure sale in 2011, bringing a long-stalled property back to the market and partitioning it into 18 office condos. Previously for lease, the condos are now listed for sale with Voit Real Estate Services. We sat down with Quinn for an exclusive chat about the project and the office-condo market in San Diego.

GlobeSt.com: What exactly is an office condo, and when did they first appear on the CRE scene?