Parallel Capital Partners Announces $22 Million Sale of One Technology Place
Ten Building Complex located in Rancho Bernardo.
- San Diego, CA (1888PressRelease) December 10, 2014 - Parallel Capital Partners has completed the $22 million sale of One Technology Place, a ten-building, 152,730-square foot office complex situated on 11.76 acres at 10905-10949 Technology Place in Rancho Bernardo - just north of San Diego. The property was sold to Palo Alto-based Menlo Equities Associates, LLC.
According to Matt Root, CEO of San Diego-based Parallel Capital Partners, One Technology Place was part of his firm's Creative Collection - a portfolio of 26 creative office, R&D and lab buildings in the tech-centric hub of Sorrento Valley and nearby Rancho Bernardo. Built in 1985, the complex recently underwent a $3 million renovation to capitalize on the industry's shift toward creative office space. To that end, Root said, the renovated offices now all feature open interactive areas, instead of traditional cube spaces. "Our goal was to provide high quality, functional space for technology oriented companies," he said. "With this in mind, we completed significant interior and exterior improvements to all office and common areas, as well as installed improved signage and new landscaping."
Rancho Bernardo is an emerging technology hub and home to high profile companies including Sony Electronics, Hewlett-Packard, Northrop Grumman, BAE Systems and General Atomics.
The complex is currently 75% leased, with anchor tenants including SDG&E and Systech Corporation.
Parallel Capital Partners was represented in the negotiations by Eastdil Secured.
Smith Consulting Architects was the architect for the exterior renovation, with Facility Solutions providing interior design coordination and Pacific Building Group the general contractor.
About Parallel Capital Partners, Inc.
Parallel Capital Partners, Inc. (parallelcapitalpartners.com) is a private, fully integrated real estate investment and operating company focused on acquiring value-added and core-plus opportunities for its own account in primary and secondary markets west of the Mississippi, including Hawaii.
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