Creative Space Piques Investor Interest
Tenants aren’t the only ones interested in creative space. Investors want a piece of that action, too, Parallel Capital Partners Matt Root tells us. Recently the company sold One Technology Place, a 152k SF office complex at 10905-10949 Technology Pl in Rancho Bernardo, to Palo Alto-based Menlo Equities Associates for $22M. The property was part of Parallel’s Creative Collection--26 creative office, R&D and lab buildings in the tech hub of Sorrento Valley and nearby Rancho Bernardo. Built in 1985, the One Technology Place complex recently underwent a $3M renovation to capitalize on the interest in creative office space.
The goal of the renovation was high-quality, functional space for tech-oriented companies, Matt says. With that in mind, the renovated offices now feature open interactive areas, instead of traditional cube spaces. Parallel also did interior and exterior improvements to all common areas, as well as installing improved signage and new landscaping. Smith Consulting Architects was the architect for the exterior renovation, with Facility Solutions doing interior design work. The complex is currently 75% leased, with anchor tenants including SDG&E and Systech Corp.