Lincoln Property Inks 134 KSF Renewal in San Diego

Lincoln Property Co. has renewed a full-building lease with Charter Communications at Pacific Corporate Center, a 134,000-square-foot office building in San Diego, within the Sorrento Mesa submarket. Cushman & Wakefield negotiated on behalf of the landlord, while CBRE represented the tenant.

Lincoln Property Co. picked up the two-story office asset in 2021, when Crown Realty & Development sold the property for $63 million, according to CommercialEdge.

Pacific Corporate Center is at 10450 Pacific Center Court and features efficient office layouts, with 67,000-square-foot floorplates, well designed ingress and egress options, outdoor amenities and 536 parking spots. The tenant is using the building as its flex and corporate headquarters location.

The 9-acre property dates back to 1992 and is 10 miles from Montgomery-Gibbs Executive Airport, 16 miles from downtown San Diego, 21 miles from San Diego International Airport and within 25 miles of Chula Vista, Calif. Additionally, Pacific Corporate Center is close to interstates 805 and 5, allowing for easy access to the Greater San Diego area.

Cushman & Wakefield’s Vice Chairman Brant Aberg worked on behalf of the landlord, while CBRE’s team of Executive Vice President Mike Hoeck and Vice Chairman Meredith LaPier represented Charter Communications.

Office deals with large footprints

A recent CommercialEdge report shows that the country’s office vacancy rate is still rising in most of the top 25 markets. As of June, San Diego’s figure clocked in at 18 percent, showing a 240-basis-point increase over the last 12 months. Across Western markets, The Bay Area’s vacancy rate hit 20.8 percent, while Los Angeles had the lowest rate, at 17 percent.

Significant recent San Diego leases include a 127,300-square-foot deal signed by landlord Alexandria Real Estate Equities in the Sorrento Mesa submarket. A top-20 pharmaceutical company signed the 10-year deal that includes expansion options at 10075 Barnes Canyon Road, a 253,000-square-foot life science building currently underway.

Another significant deal was Pfizer Oncology’s 230,000-square-foot expansion at Torrey View, a 520,000-square-foot life science project in the metro. The lease brought the development to fully preleased status.