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JLL, as exclusive advisor, is pleased to present the opportunity to acquire Sky Park Office Plaza (the “Property” or “Sky Park”), a 204,959 square foot, two building multi-tenant Class A office campus located in one of San Diego’s best performing submarkets, Kearny Mesa. Currently 77.4% leased to a dynamic mix of high-quality corporate and investment grade tenants, the Property offers an overall weighted average lease term (WALT) of 3.2 years. Each building has benefited from substantial capital investments highlighted by renovated lobbies, roof replacements on both buildings, fitness center & locker room upgrades, and parking lot enhancements. Other key features include steel-frame construction, slab-to-slab heights of ±14’, creative tenant build-outs, onsite café, on-site gym, and large flexible and efficient floor plates ideal for the growing demand of corporate users as demonstrated by the multiple tenants expanding operations within the Property.
Sky Park rests on a prominent corner location within the Kearny Mesa submarket that is set to directly benefit from displaced office tenant demand caused by the unprecedented acceleration of life sciences conversions and redevelopments throughout San Diego County. The Property features exceptional regional access with close proximity to five of San Diego’s main freeways: I-15, I-8, I-805, Hwy 163 and Hwy 52. Moreover, the Property falls within the new Kearny Mesa Community Plan Update boundary which is already fueling significant growth through zoning updates that will allow for higher residential density and promote a more vibrant, walkable mixed-use live-work-play environment.
- Located in high growth submarket fueled by new community plan
- Diversified tenant roster
- Class A functionally-superior office
- Shrinking denominator effect occurring in San Diego office market
- Located in one of San Diego's premier employment hubs
- Central location, accessibility, and visibility
- Strong rents across Central San Diego
- San Diego's tech sector is picking up unprecedented momentum
- Tech market metrics are poised for further growth