HFF Closes Sale of 260 KSF Office Campuses

By Laura Calugar

One of Governor Executive Centre’s buildings in San Diego

San Diego—HFF recently announced the sale of Governor Executive Centre and Governor Park Plaza, two office properties in San Diego. The 260,421-square-feet asset includes four buildings. According to Yardi Matrix data, Equity Office Properties Trust was the seller in this transaction.

Located at 6165, 6256, 6333 and 6363 Greenwich Drive, Governor Executive Centre and Governor Park Plaza are at the corner of Interstate 805 and Highway 52. Apart from being proximate to several submarkets, including UTC, Sorrento Mesa and Kearny Mesa, the two campuses provide access to more than 1.7 million square feet of retail amenities.

The two buildings at Governor Executive Center have three and four stories and were completed in 1988 and 1990. Amenities include controlled access and 829 parking spaces. The other two assets at Governor Park Plaza each have two stories and 416 parking spaces. The four buildings last sold for a combined $56 million in July 2015.

One of Governor Park Plaza’s buildings in San Diego

“This is the second high profile office deal HFF has closed in San Diego in the last month with the closing of Emerald Plaza in downtown San Diego in late December. HFF sees strong investment demand for San Diego office buildings with the new administration’s stance on biotechnology and defense-related industries,” said Nick Psyllos, senior managing director at HFF, in a prepared statement.

At the time of sale, the properties were 91 percent leased to tenants including the University of California in San Diego.

Images courtesy of Yardi Matrix