Brookfield Asset Management And King Street Properties Acquire San Diego Office Building For $42M

Brookfield Asset Management and King Street Properties have acquired a San Diego office building located at 5825 Oberlin Drive from Nuveen for a total transaction amount of $42 million. The property, measuring approximately 60,000 square feet, has been purchased with the intention to convert it into a life sciences center. This acquisition is part of a strategic partnership between Brookfield Asset Management and King Street Properties, with a total investment of $1.5 billion, focused on pursuing life sciences conversions across various markets in the United States. The property is situated in Sorrento Mesa, which is recognized as a prominent life sciences and tech incubator hub in San Diego.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $42,000,000
• Address: 5825 Oberlin Drive, San Diego
• Market: San Diego
• Buyer: Brookfield Asset Management - Lowell Baron; King Street Properties - Thomas Ragno & Stephen Lynch
• Seller: Nuveen
• Broker: Eastdil Secured
• Lender: Thorofare Capital
• Square Footage: 60,000
• Price per Square Foot: $700

The acquisition of the San Diego office building by Brookfield Asset Management and King Street Properties was facilitated by the broker Eastdil Secured. Additionally, the lender involved in the transaction was Thorofare Capital.