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More Sorrento Mesa Space Trades Hands

Arden Realty, Inc., a Los Angeles-based real estate investment trust, acquired the Sorrento Mesa Corporate Center office complex including two buildings comprising Sorrento Towers North at 5355 and 5375 Mira Sorrento Place and two buildings comprising Sorrento Towers South at 9276 and 9330 Scranton Road in the Sorrento Mesa area of San Diego for $185 million.

With this acquisition, Arden is the largest office landlord in the San Diego region, according to Brooke Lauder, the company’s spokeswoman.

The company now owns roughly 25 percent of the 2.3 million square feet of class-A office product in the Sorrento Mesa submarket, and 6.8 percent of the entire San Diego office inventory, according to a press release.

The 608,000-square-foot Sorrento Mesa campus, which includes some retail space, is currently 74 percent leased. Tenants include Texas Instruments, Claritas, Scudder Investments, Chicken of the Sea, Staples and Bank of America.

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Arden also announced plans on March 23 to buy a 408,000-square-foot office building near Los Angeles for $93 million, and to sell off nine properties from its 197-building portfolio worth an estimated $200 million. Arden expects to close the latter within the next six months.

Arden Realty is the largest publicly traded landlord in Southern California, with 121 properties containing 18.9 million net rentable square feet of office space.

Sorrento Mesa has become a busy market in acquisitions in 2005. In February, Los Angeles-based real estate investment trust Maguire Properties said it would buy the San Diego Tech Center office complex, also for $185 million.

Heather Bergman

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