SAN DIEGO – January 16, 2015 – CBRE announced, that it has completed the sale of Copley Corporate Center on behalf of Colony Realty Partners. TIAA-CREF, a leading U.S. financial services organization, purchased the asset. Located at 5855 Copley Drive in the Kearny Mesa submarket of San Diego, Copley Corporate Center is a three-story, 120,483-square-foot Class A office building that is 100% leased to Rady Children’s Hospital, UCSD/UC Regents and Kaiser Permanente.
Built in 2001 on 5.3 acres, Copley Corporate Center sits on a prominent bluff overlooking Interstate 805 and State Route 52, and features a four-story, 585-space parking garage that helps create a 7.0:1,000 parking ratio. The property is located in Kearny Mesa, which is historically the best-performing office submarket in San Diego.
“Copley Corporate Center was well received by potential buyers due to the project’s excellent tenant roster and above market parking ratio,” Alsadek said. “Over the last 10 years, the building has maintained historical occupancy that has exceeded the market.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.