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Irvine Co. Strikes Again In San Diego Office Market

Irvine Co. has acquired Paseo Del Mar, a 235K SF office property in Del Mar Heights for an unspecified price.

Paseo Del Mar in Del Mar Heights

The deal marks the company’s fourth significant San Diego office property purchase in the past 12 months, and comes on the heels of its acquisition of Sunroad Corporate Centre in September, which it has renamed La Jolla Reserve.

Completed in 2006, Paseo Del Mar is composed of three three-story buildings at 12255, 12265 and 12275 El Camino Real. The seller is Union Investment, represented by Adam Edwards, Brian Russell and K.C. Scheipe of Eastdil Secured.

Tenants at the property include Sheppard Mullin, Pillsbury Winthrop, Dowling & Yahnke Wealth Management, Bank of Southern California, Kilpatrick Townsend and Compass.

With its recent acquisitions, Irvine Co. now owns 9M SF of San Diego office space, including properties in Downtown, Del Mar Heights, La Jolla UTC, Mission Valley and Sorrento Mesa.