Manulife Sells $145M San Diego Office Park

Governor Pointe Business Park. Image courtesy of Newmark

Manulife Investment Management has closed on the $145 million disposition of Governor Pointe Business Park, a two-building office campus in San Diego, Calif. The property holds life science redevelopment potential, according to Newmark, which brokered the deal on behalf of Manulife.

The office park is fully leased, totaling more than 200,000 square feet at 6200 and 6220 Greenwich Drive. Situated in the University City submarket, the property also comprises surface parking, as well as a five-story parking structure. The two buildings last traded in 2015, when Kilroy Realty sold them as part of a $95 million portfolio transaction that included several office assets, according to CommercialEdge data.

The larger structure, situated at 6220 Greenwich Drive on a 6.2-acre plot, comprises 141,214 square feet. Mitchell International is leasing the entire building through October 2025, but recently put the property up for sublease. With 67 percent of the space currently available, a repositioning, even for life science use, would be convenient, according to the brokerage. The site also holds the potential for a ground-up life science development.

The other building at 6200 Greenwich Drive offers nearly 71,000 square feet and sits on a separate, 4.4-acre site. University of California, San Diego is the property’s sole tenant, under a lease set to expire in May 2026.

The Newmark team arranging the deal for the seller included Co-Head of U.S. Capital Markets Kevin Shannon, along with Executive Managing Directors Brunson Howard, Paul Jones and Ken White.

San Diego’s life science sector shines

San Diego remains one of the most sought-after locations for tech and life science firms on the West coast, Shannon said in prepared remarks. Last year’s life science venture capital funding in the U.S. amounted to $43.3 billion, according to a study conducted by Newmark research.

Last month, pharmaceutical giant Bristol Myers Squibb signed a long-term full-building prelease in San Diego’s University Town Center submarket. The 427,000-square-foot building is part of Alexandria Point, a more than 2 million-square-foot lab and office development by Alexandria Real Estate Equities Inc.

Breakthrough Properties is currently constructing a life science campus in the city. Dubbed Torrey View, the property will total roughly 500,000 square feet across three buildings. The developer landed its fist tenant in November 2021.