The Irvine Co. has bought a three-building office campus in UTC from Sunroad Enterprises for an undisclosed price.
Known as Sunroad Corporate Center, the 302,000 square foot campus was built by Sunroad Enterprises in 2001 on an eight-acre site at 4401, 4435 and 4445 Eastgate Mall.
Irvine Co. has renamed the development La Jolla Reserve.
The campus is 78 percent leased to a variety of tenants including Banner Bank, Cooley, LLP, Provident Insurance Group, Regus, Shell and Systran.
Amenities include a new outdoor café, a game room, a fitness studio and changing room.
Irvine Co. plans to renovate two lobbies and turn outdoor common areas into shared work spaces designed to encourage collaboration.
“This investment is the latest sign of our long-term commitment to San Diego,” said Doug Holte, president of Irvine Co. office properties. “It’s also recognition of La Jolla UTC’s deserved reputation as a nationally-recognized center of innovation.”
Representing Sunroad Enterprises in the transaction from NKF Capital Markets were co-head Kevin Shannon, Executive Managing Directors Brunson Howard, Paul Jones, and Ken White, and Senior Managing Director Rick Stumm.
Irvine Co. represented itself.
“This is a rare generational trophy asset,” Howard said. “With an occupancy of 78 percent, there is immediate opportunity to add value with additional leasing activity and by pushing rents with more renovations.”