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News release

SAN DIEGO, CA

Major Renovations Planned at Bernardo Executive Center Owner in Anticipation of Rising Demand for High-Quality Class B Office

JLL first quarter office reports document strength expected for some Class B office properties in 2013 and 2014


SAN DIEGO, June 4, 2013 – Brookwood Financial Partners, LLC has announced major renovations slated for Bernardo Executive Center, a three-building, Class B office campus totaling 173,478 rentable square feet of space. Already a successful and well-known property in the thriving Rancho Bernardo submarket, the renovations will position Bernardo Executive Center well for the changing office lease market in San Diego, where the waning supply of Class A space is once again becoming financially infeasible for many companies. 

Jones Lang LaSalle’s first quarter 2013 San Diego Office Insight report states, “Occupiers are looking for more affordable alternatives and some are returning to Class B projects where the owners are more than happy to accommodate them after years of net losses across that market segment.”

“We expect high quality, amenity-rich office properties with good visibility and freeway access to do very well during the remainder of 2013 and well into 2014,” said Tim Olson, Vice President at Jones Lang LaSalle, who along with Jay Alexander  is retained by Brookwood Financial Partners to market the property.

Renovations will include redesign of the lobby and landscaped areas, exterior façade and roof updates and new spec suites, which will include the option of open ceilings for a more creative environment. The property is located near the I-15 Freeway and adjacent to a new Interstate 15 FastTrack transit station. Existing amenities at Bernardo Executive Center, located at 16835, 16855 and 16875 W. Bernardo Drive, include a fitness center, shower and locker rooms, an on-site café with outdoor dining areas.

”We are very excited to join the Rancho Bernardo community with our purchase of Bernardo Executive Center,” said Evelyn Murphy, Managing Director and Asset Manager with Brookwood Financial Partners. “The diversified submarket anchored by the likes of Broadcom, Sony, and Northrop Grumman gives reason to invest in our property so that we can offer the highest quality, yet affordable office space for small to medium sized companies who are looking for a unique, amenity rich environment for their employees.”

Jones Lang LaSalle is a leader in the San Diego commercial real estate market. The firm employs approximately 165 of the area’s most recognized industry experts offering services in brokerage, capital markets, facility management and project development services. In 2012, the San Diego team completed 4.58 million square feet in lease transactions, directed $57 million in project management, currently leases 10.5 million square feet and has 5.5 million square feet under management.

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About Jones Lang LaSalle
Jones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet and completed $63 billion in sales, acquisitions and finance transactions in 2012. Its investment management business, LaSalle Investment Management, has $47.7 billion of real estate assets under management. For further information, visit www.jll.com.