Alexandria Pays $98M for University HQ in San Diego

The nearly 140,000-square-foot asset is close to several research institutes in the heart of Torrey Pines.
The Pointe at Torrey Pines. Image via Google Maps

National University System has sold The Pointe at Torrey Pines, its 139,135-square-foot headquarters in San Diego. Public records show Alexandria Real Estate Equities paid $97.5 million for the two-building office asset.

Located on 11.4 acres at 11255 and 11355 N. Torrey Pines Road in La Jolla, the property has unobstructed ocean views and is across the street from Torrey Pines Golf Course, the site of the upcoming 2021 U.S. Open. The asset is within San Diego’s top biotech and life sciences submarket and is near several research institutes, including Scripps Research, Sanford Consortium, University of California, San Diego and a Pfizer facility. The asset’s two- and three-story buildings have a range of amenities, from subterranean parking with electrical vehicle-charging stations to a fitness center.

At the beginning of the year, Alexandria Real Estate Equities joined forces with Boston Properties to merge and develop a life science campus in San Francisco. Once the 1.7 million-square-foot property is complete, each REITs will hold a roughly 50 percent stake in the venture.