Sorrento Mesa Office Complex Completes Renovation, Adds Tenants

Parallel Capital Partners boosted its occupancy through an extensive capital improvements program.

By Alex Girda

San Diego—The Elements at Waterbridge, a Sorrento Mesa office complex, recently closed an extensive capital improvements program meant to boost occupancy. Owner Parallel Capital Partners also announced that three new tenants were already added to the facility: Ntrepid, Amobee, and Daiichi Sankyo. The three new leases total roughly 40,000 square feet of space, bumping the asset’s occupancy to about 86 percent.

Elements at Waterbridge
Elements at Waterbridge

Located at 10201, 10221 and 10241 Wateridge Circle in San Diego’s Sorrento Mesa submarket, the office complex totals 278,787 square feet of space. Acquired by Parallel in 2014, the asset was renovated through a $2.5 million capital improvement program that included upgrading the common areas, new landscaping and seating areas, installing new water features, and repainting the exteriors. During the process, the owner worked with Pacific Building Group for contracting duties, while the landscaping was handled by LdG Landscape Architects. LPA and Hurkes Harris Design Associates were in charge of architecture.

Ntrepid agreed to a 15,000-square-foot deal at 10201 Wateridge Circle Suite 300 for the following 65 months. Amobee will take over 18,022 square feet of space at 10201 Wateridge Circle Suite 400/500, also on a 65-month term. Japan-based Daiichi Sankyo inked a 60-month agreement for 6,229 square feet of space at 10201 Wateridge Circle, Suite 240. The newly-inked leasing agreements were handled by a CBRE team consisting of Mike Hoeck, Ryan Egli and Matt Carlson.

Image courtesy of Parallel Capital Partners