The former San Diego headquarters building of Mission Federal Credit Union has been sold for $10.4 million.
The credit union sold the Sorrento Mesa building to Alvarez & Marsal Capital Real Estate based in El Segundo.
Matt Pourcho, Anthony DeLorenzo, Gary Stache and Doug Mack of CBRE represented both parties.
Built in 1985 at 5785 Oberlin Drive, the three-story building has 61,406 square feet of space that includes large and open floor plates, an extensive glass line with hillside views and a bright entry lobby.
“The property is a very unique reposition opportunity for Alvarez & Marsal and given the creative office demand we see in Sorrento Mesa, they are in a great position to be successful,” Pourcho said.
The San Diego office market had a vacancy rate of below 10 percent in the first quarter of 2019 with asking rents topping $3 per square foot, according to CBRE.
Real estate reporter Ray Huard may be reached at firstname.lastname@example.org or 858-277-8904.