LA JOLLA, CA-Less than 60 days after Smith Barney vacated its third floor space in the Manchester Financial Building, the owner of the class A facility located Downtown has signed on tenants Union Fidelity Mortgage Inc. and Adamson Brothers for a total of 14,398 sf here. The new occupants, who will take the entire third floor, have brought the facility’s occupancy level up to 100%. Built in 1972, Manchester Financial Building “has always maintained a high level of occupancy,” according to Andy La Dow of Grubb & Ellis/BRE Commercial. La Dow, along with G&E/BRE colleagues Bob Kuzman and Mike Slattery, acted on behalf of building owner Douglas F. Manchester in the recent lease transactions. Current tenants in the facility include Morgan Stanley and the Finger Hut Gallery. La Dow says Smith Barney moved out of Manchester Financial Building because the firm wanted to reconfigure and expand its space. New tenants Union Fidelity and Adamson Brothers were attracted to the La Jolla facility because of its amenities and prime location, according to the G&E/BRE brokers who worked on the deal. Encompassing approximately 77,000 sf, the five-story Manchester Financial Building features subterranean parking, balconies, patios, ocean views and ground-floor retail space. The asset stands at 7969 Ivanhoe Ave., right on the corner of Prospect Street. La Dow likens this area to “the Rodeo Drive of La Jolla,” explaining that there is every kind of high-end amenity located in close proximity to the building. Union Fidelity Mortgage Inc. has taken 11,507 sf at the property, in an 84-month transaction valued at $3.4 million. The firm, which was represented in-house, is relocating from the Mission Valley area. “The owner of the company lives in La Jolla and the firm was looking for a higher image location to service their clientele,” La Dow tells GlobeSt.com.Adamson Brothers, which was represented by G&E/BRE brokers Jack Kruger and Shawn Craig, has agreed to occupy 2,891 sf here. Its 72-month lease is valued at $442,612. The new space will mark the New Jersey-based stock brokerage’s first office in California. The tenant was drawn to Downtown because “it’s kind of a hub for wealth management firms and stockbrokerage firms that service high net worth individuals who may live in the area,” La Dow says. Downtown La Jolla is a smaller, boutique-type of market, characterized by older buildings, La Dow tells GlobeSt.com. He says the overall office vacancy rate here was 13% at the end of the second quarter, but that it is mostly small spaces that currently stand empty. “Good quality spaces lease very quickly at high rates,” he says.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.