Longfellow Real Estate Buys San Diego Office Campus
- Oct 13, 2020
Longfellow Real Estate Partners has purchased The Foundry, a 280,365-square-foot office campus in San Diego. The sale marks the company’s third acquisition in the metro this year, bringing its portfolio to more than 960,000 square feet in less than two years, with the Creekside campus as its most recent addition.
Shorenstein sold the two-building property at 9276 and 9330 Scranton Road. Yardi Matrix data shows that the asset last traded in 2018 as part of a $186 million portfolio acquisition from PGIM Real Estate. The transaction also included the Sorrento Towers, two buildings totaling 294,000 square feet adjacent to The Foundry.
JLL Managing Director Nick Psyllos, Senior Managing Director Michael Leggett, Managing Director Lynn LaChapelle and Senior Direct Sach Kirpalani represented both parties. Longfellow worked with Senior Managing Directors Steve Bruce and Chris High of Newmark Knight Frank for agency leasing services.
The new owner will immediately start construction on a lab conversion project, which will deliver 25,000-square-foot floorplates and multiple floors at the property. The first lab is slated for completion in the last quarter of 2021, catering to a full range of life science tenants in the third largest biotech cluster in the country.
Upgrades to the amenities will include improvements to the lobby areas and outdoor common space, as well as a cafe, a fitness center and a conference facility. Additionally, tenants will be able to use the amenities at the nearby SOVA Science DistrictTM, Longfellow’s recently completed campus. These include a brewery, a fitness center and community outdoor space.