Dealmaker: CBRE Closes $27M in Office Sales

CBRE brokered two southern California office building sales totaling $26.75 million.

In San Diego, CBRE represented Buchanan Street Partners, Newport Beach, Calif., when Buchanan Street sold 6059 Cornerstone Court West to a Los Angeles-based private buyer for $20.6 million, or $398 per square foot.

CBRE Senior Vice President Matt Pourcho, Executive Vice Presidents Gary Stache and Anthony DeLorenzo and Managing Director Bryan Johnson represented Buchanan Street in the deal.

The 51,690-square-foot property has been fully leased since 2013 to Verimatrix, a San Diego company that specializes in content security for digital television services. The two-story building sits within the city’s densest concentration of Fortune 500 companies and is three miles from the University of California-San Diego.

“This is an extremely stable asset that has served as Verimatrix’s global headquarters for both its business operations and research and development for nearly seven years,” said Pourcho. “Vertimatrix’s commitment to the property was fortified by its recent signing of a 90-month lease one year prior to the expiration of their original lease agreement.”

In another San Diego-area transaction, Pourcho, Stache, DeLorenzo, Johnson and CBRE Director Doug Mack and Associate Blake Wilson represented a private investment group when it sold 5928 Pascal Court in Carlsbad. The buyer represented itself in the transaction.

The 38,275-square-foot property is 79 percent leased to financial services firm Capital Partners Services and home construction company DR Horton. One 8,175-square-foot suite is vacant and recently came to market. The property dates to 1986 and was renovated in 2013.

The building is adjacent to McClellan–Palomar Airport, North County San Diego’s primary airport.

Carlsbad is a primary North San Diego office submarket and has accounted for more than 75 percent of the submarket’s absorption since 2017.