Michael Moore, first vice president of CB Richard Ellis, tellsGlobeSt.com that the market for office property is gaining steam.Moore says that the Kearney Mesa submarket, where the property islocated, leads the San Diego area in total net absorption. CopleyCorporate Center was on the market for approximately eight weeksbefore it sold.

According to Moore, Pacific had reached the end of their holdperiod with the property, which explains the decision to let theproperty go and reinvest. "Given the market fundamentals, it was agood time for them to sell," Moore tells Globest.com.

Tenants at the Copley Center include HSBC Auto Finance,University of California Regents and Kaiser Foundation Hospitals.Spanning 5.3 acres, the property was built in 2001 and is locatedadjacent to Route 52 and I-805. At the time of its development,Orange County-based Buchanan Street Partners arranged $21.2 millionin financing.