Your complete One Paseo campus occupies 36 acres in San Diego’s Del Mar submarket. Picture courtesy of JLL
Kilroy Realty Corp. has obtained a $375 million mortgage from New York Life Insurance coverage Co., secured by a part of the corporate’s One Paseo mixed-use property in San Diego. JLL organized the 11-year, interest-only notice at a 5.9 % fastened fee. Proceeds will serve basic company functions and improvement funding, in addition to the corporate’s December 2024 unsecured bond maturity.
Allen Matkins suggested Kilroy within the transaction. The legislation agency was additionally just lately instrumental in negotiating a 206,000-square-foot workplace lease in Los Angeles’ Century Metropolis.
As of June, Kilroy’s portfolio amounted to 16.2 million sq. ft of workplace and life science area situated in San Diego, Larger Los Angeles, the Bay Space, the Pacific Northwest and Austin, Texas. One of many agency’s properties, a 656,000-square-foot life science facility in South San Francisco, got here on-line final yr as the biggest workplace supply within the metro.
One Paseo, up shut
Occupying 36 acres within the Del Mar submarket, One Paseo encompasses roughly 1.4 million sq. ft of workplace, retail and residential area. The LEED Gold-certified workplace part totals some 600,000 sq. ft throughout 5 buildings.
The 23-acre part serving as collateral for the present financing contains two workplace buildings and 95,000 sq. ft of retail area, together with 608 residential models. Its parts got here on-line in phases, between 2019 and 2021.
The 2 workplace buildings rise 4 and 6 tales, spanning a mixed 286,000 sq. ft, CommercialEdge information reveals. Tenants embody Financial institution of America, Cushman & Wakefield, JP Morgan Chase and McCarthy Constructing Cos., in accordance with the identical supply.
Positioned at 3275 Del Mar Heights Street, the property is simply east of Interstate 5, roughly 19 miles north of downtown San Diego. The campus is throughout from Del Mar Highlands City Heart shopping center.
JLL Administrators Charlie Vorsheck and Samuel Godfrey, together with Senior Managing Director Greg Brown, led the Capital Markets Advisory workforce that organized the financing.
