This article originally appeared in RENTV.
September 8, 2020
A Los Angeles-based private buyer paid $20.6 mil for a 51.7k sf ($398/sf) office building in San Diego’s Sorrento Mesa area. The property was sold by real estate investment management firm Buchanan Street Partners.
Located at 6059 Cornerstone Court West, the property has been fully-leased since 2013 to Verimatrix, a San Diego-based company that specializes in content security for digital television services. The two-story building was originally built in 1987 and features a fitness gym, EV charging stations and 178 parking spaces.
The property is located within San Diego’s most dense concentration of Fortune 500 companies and is two miles from the connection of I-5 and I-805, two major San Diego freeways that connect Sorrento Mesa to the rest of San Diego County. Westfield UTC, a popular shopping mall in the area, is less than four miles from the site. The property is also three miles from the University of California, San Diego.
CBRE’s Matt Pourcho, Gary Stache, Anthony DeLorenzo and Bryan Johnson represented the seller in the transaction.
“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.”