This article originally appeared in Connect Media.
September 9, 2020
Newport Beach-based Buchanan Street Partners divested a 51,690-square-foot office building in San Diego’s Sorrento Mesa submarket for $20.6 million, or $398-per-square-foot. Located within Cornerstone Heights Corporate Center, the building at 6059 Cornerstone Court West is 100% leased to San Diego-based Verimatrix, a company that specializes in content security for digital television services.
Buchanan Street Partners’ Matt Haugen says, “Office properties that are achieving the highest values are those which are fully leased with steady long-term income. With the property wholly-occupied by Verimatrix for another seven plus years, this predictable income stream was prized by buyers.”
Colliers International’s Joe Winkelmann represented the undisclosed Los Angeles-based private buyer. CBRE’s Matt Pourcho, Gary Stache, Anthony DeLorenzo and Bryan Johnson represented the seller.
“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.