New York-based HighBrook Investment Management LP has purchased the Copley Business Center office complex in Kearny Mesa for $22.5 million.
The seller of the 102,000-square-foot property was a private tenant-in-common entity sponsored by Thompson National Properties, according to a statement from real estate services firm HFF, which represented the buyer and seller.
The property 5751-5771 Copley Drive currently serves as the corporate headquarters of Reva Medical Inc. and also houses other tenants. It was 87 percent leased at the time of the transaction.
The three-building campus was completed in 1997. The new owner has secured a lease renewal with XO Communications at the complex, the statement said.
The off-market transaction included the new owner’s assumption of an existing commercial mortgage backed securities loan.
-- SDBJ Staff Report