Blackstone buys San Diego office asset
The Blackstone Group has acquired an office building in San Diego for $55 million. The seller was W. P. Carey REIT.
The office property is located at 9360 Towne Center in the submarket of Miramar/Mira Mesa. It is 100 percent occupied. Major tenants include Ardea Biosciences and Amylin Pharmaceuticals.
The transaction is the first to close in the San Diego office market during second quarter 2016, according to Real Capital Analytics. The San Diego market saw 43 office buildings change hands in the first quarter for a total of more than $1.3 billion, a jump from the $451 million in sales volume during fourth quarter 2015.
The San Diego market as whole was the 17th most active transaction market in the United States during 2015, according to RCA’s “Top 40 Markets of 2015” list, down from 15th in the previous year. In the 2015, San Diego had total sales volume of more than $9.6 billion,
Blackstone is the most active buyer of San