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Two-building office campus is the partnership’s first investment in San Diego
SAN DIEGO, Jan. 13, 2014 — McCarthy Cook & Co. (McCarthy Cook) announced today the acquisition of Canyon Plaza, a 2-building, 213,000 square-foot office campus located in the Sorrento Mesa submarket of San Diego, CA. The campus was acquired in a partnership with AllianceBernstein U.S. Real Estate Partners, L.P. (AllianceBernstein), a real estate investment fund sponsored by AllianceBernstein, L.P., a global investment management firm with $447 billion of assets under management.
Lynn LaChapelle and Bob Prendergast of Jones Lang LaSalle represented the seller, a real estate investment fund advised by LaSalle Investment Management, a real estate investment firm with $47 billion of assets under management. McCarthy Cook and AllianceBernstein represented themselves in the transaction.
Canyon Plaza is currently 49% leased to CareFusion Corporation (NYSE: CFN), a global health care company that develops market-leading technologies that help hospitals measurably improve patient care. The project was built in 1986 and expanded in 1993. It was previously master-leased to Conexant Systems.
The approximately 100,000 square feet of existing vacancy will provide the new owners with the opportunity to transform Canyon Plaza into one of the premier, Class A, amenity-rich office campuses in Sorrento Mesa. The business plan will include the redevelopment of common areas and lobbies and the creation of project amenities such as a tenant lounge, café and fitness center. The San Diego office of Gensler Architects will lead the design efforts of the common areas and amenities. Jones Lang LaSalle has been retained to market the project to both full campus and multi-tenant users.
“Canyon Plaza offers an exceptional location within the submarket of Sorrento Mesa, which has been bolstered by the continued growth of the technology and health care industries,” observed Tom McCarthy, Co-President of McCarthy Cook. “The project has great bones, flexible floor-plates, great common areas and unique connectivity between the buildings. Once the renovation is completed, the project will offer an unmatched campus environment for tenants in Sorrento.”
This transaction marks McCarthy Cook’s first joint venture with AllianceBernstein U.S. Real Estate Partners, L.P.
About McCarthy Cook & Co.McCarthy Cook & Co. was formed in 1995 as a real estate investment and development company. Since 1995, McCarthy Cook & Co. has completed approximately $4.5 billion in transactions representing approximately 10 million square feet of commercial office and mixed-used projects. During the same period, the firm has developed or has under development approximately 1.6 million square feet of office, retail and residential projects. The professionals at MCC specialize in the investment, development and operation of commercial real estate properties in the western United States.
About Alliance BernsteinAllianceBernstein U.S. Real Estate Partners, L.P. is a real estate investment fund sponsored by AllianceBernstein, L.P., a global investment management firm with $447 billion of assets under management.
Jones Lang LaSalle Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2012 alone, Jones Lang LaSalle Capital Markets completed $63 billion in investment sale and debt and equity transactions globally. The firm’s dealmakers completed $60 billion in global investment sales and buy-side transactions, equating to nearly $240 million of investment trades completed every working day around the globe. The firm’s Capital Markets team comprises more than 1,300 specialists, operating all over the globe.
For more news, videos and research resources on Jones Lang LaSalle, please visit the firm’s U.S. media center Web page: http://bit.ly/18P2tkv.
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 $46.7 billion of real estate assets under management. For further information, visit www.jll.com.
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