San Diego Business Journal

Sorrento Mesa Office Complex Sold for $109M

Thursday, December 22, 2011

The five-building Seaview Corporate Center in Sorrento Mesa has been acquired for $109 million by Toronto-based Manulife Real Estate, the real estate arm of Canada’s Manulife Financial Corp.

Manulife Financial, among the world’s largest insurance firms, is the parent of John Hancock Financial in the United States.

According to CoStar Group, the deal closed on Dec. 13. The sellers were Pacific Office Properties of San Diego and Angelo, Gordon & Co. of New York City.

The Seaview Corporate campus includes five office buildings on Telesis Court, built at various times between 1986 and 2001 and totaling more than 350,000 square feet. Three of the buildings were fully leased at the time of the sale, with the remaining buildings 89 percent and 95 percent leased.

The 18-acre campus also has a four-level parking structure, and a fitness center with a lap pool and basketball and tennis courts.

In a Dec. 20 statement, Manulife officials said the Seaview deal was among three acquisitions, totaling $555 million, recently completed by the firm in San Diego, Toronto and New York City. The San Diego office of Eastdil Secured brokered the local transaction.

— Lou Hirsh