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| Pyramid Building, Miramar submarket of San Diego, CA |
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| Jon Boland |
San Diego, CA – The San
Diego office of Voit Real Estate Services has completed the acquisition of the
iconic “Pyramid Building,” a 131,218
square-foot, six-story office property located in the Miramar submarket of San
Diego.
The property, initially
part of the Miramar Metroplex, has been acquired by Alliance Diversified
Holding, LLC, a value-add private equity firm.
Well-known for its unique,
pyramid-shaped exterior structure, the property will be repositioned by the new
owner as a creative office and technology center, and renamed “The San Diego
Innovation Center,” according to Jon Boland, Vice President of Voit’s San Diego office, who represented Alliance
Diversified.
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| Bob Brady |
The seller in the $13.6
million transaction, APEX 1 & 2 LP, was represented by Brandon
Keith, Ryan Bracker and Bob Brady, all also of
Voit Real Estate Services’ San Diego office.
“As one of the most
recognizable and architecturally notable office buildings in San Diego, the San
Diego Innovation Center will be a natural fit for technology, R&D,
medical/wellness, and traditional office tenants seeking creative office
space,” says Keith, a Senior Vice President in Voit’s San Diego office.
“The first floor, which has historically been leased to home
furnishing tenants, will now be leased to business support services and
amenity-based uses in order to better serve other tenants.”
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| Brandon Keith |
According to Boland, the
new owner intends to invest in cosmetic upgrades to provide a more professional
office atmosphere, and to improve suites on each floor in order to accommodate
interested tenants.
“Beyond the vibrant
architecture and physical improvements, our marketing of this repositioning
will include adding a tenant mix that creates a lifestyle environment that
appeals to all manner of professional office tenants,” Boland explains.
“Ownership intends to fill the ground floor with high-end health
and fitness uses, a restaurant, and business support services that will meet
the demand of the new creative, medical, technology and R&D tenants we will
be attracting here.”
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| Ryan Bracker |
From its opening, the
Pyramid was hailed as an architectural landmark. The project was featured in an architectural review by Dirk Sutro
of the Los Angeles Times when it first opened in 1992. Sutro hailed the design as San Diego
architect N. Charles Slert’s “most distinctive office design yet.”
According to Ted
Eldredge, President of Alliance Diversified,
“This building was actually a bit before its time. We will now be able to bring this dynamic property to its full
potential as a creative shell in which creative companies will thrive.”
The property, which is
located at 7310 Miramar Road in San
Diego, is in close proximity to the I-15, 805, 52 and I-5 freeways. The building offers multi-tenant and
full-floor leasing options, and is zoned for a wide range of uses, including
medical, general office, and retail sales.
Leasing information is
available by contacting Jon Boland or Brandon Keith at (858) 453-0505.
For a complete copy of the company’s news release, please
contact:
Jenn Quader / Judith Brower
Brower, Miller & Cole
(949) 955-7940
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