Partnership sells San Diego biotech complex

Pharmaceutical co. anchors property
Published on Jul 8, 2004

The Shidler Group, in partnership with Angelo, Gordon & Co., sold Seaview Corporate Center in San Diego's Sorrento Mesa area. The value of the transaction was $92.1 million. The 353,067-square-foot, four-building office and biotechnology complex is located at 10180-10196 Telesis Court. The Shidler Group purchased the property in April 2002, for $62.5 million. The center includes three institutional-quality, class-A office buildings totaling 340,287 square feet and one 12,780-square-foot, fully equipped biotechnology building. The complex was 96 percent occupied at the time of sale. Pfizer, the world's largest pharmaceutical company, became the project's largest tenant in January 2002 when it executed an 11-year, 61,000-square-foot lease. Other major tenants include Parexel, Webside Story, Computer Associates, Plus Orthopedics and SAS. Principal Real Estate Investors was the buyer. Secured Capital and Colliers International represented both sides in the transaction. The Shid...

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