Kilroy Flips Intuit Campus to...Intuit
In what could be one of the biggest office investment shocks of the year, Intuit has purchased its San Diego campus for a whopping number.
Both Intuit and Kilroy Realty revealed in SEC filings that the software company best known for its TurboTax program purchased four buildings on Torrey Santa Fe Road for $262.3M. The buildings are currently home to Intuit's Consumer Tax Division, and include TurboTax itself at 7525 Torrey Santa Fe. The properties total 466k SF—putting the price at more than $560/SF—and the sale is expected to close Q1 2016, according to SEC filings.
Intuit inked its initial deal at Kilroy's complex back in 2005, which included such bells and whistles as on-campus dining halls and a coffeehouse. Officials with Kilroy declined to comment beyond the filing. The deal pre-empts Intuit's search for 250k SF in San Diego, which the firm has been on the hunt for much of the year, sources tell us.
