The Oakland-based Regents of the University of California, which oversees the statewide public university system that includes UC San Diego, has acquired a five-building office campus at Torrey Pines for approximately $134.1 million, according to CoStar Group and public data.
The seller of the campus, totaling 216,476 square feet and known as Torrey Pines Court, was a partnership that included The Muller Co. of Irvine and Rockwood Capital LLC of San Francisco. The buildings are located at 3333, 3344, 3366, and 3377 N. Torrey Pines Ct.; and 10350 N. Torrey Pines Road.
The seller was represented by Brian Russell and Adam Edwards of Eastdil Secured LLC. No buyer broker was listed.
CoStar Group reported that the campus was about 90 percent occupied at the time of sale, with 13 tenants including UC San Diego. There are no short-term plans to displace any of the existing tenants.
Citing information from the university’s real estate acquisitions director, CoStar said the University of California system, from time to time, invests in income-producing properties for its endowment and retirement accounts. Its long-term strategy includes having the ability to expand into other portions of the campus as leases expire among existing tenants.
UC San Diego’s main campus is located just down the road from the office campus. The multitenant office buildings were constructed in 1977 and 1978, with other current tenants including Auspex Pharmaceuticals, GlaxoSmithKline LLC, and the Center for Creative Leadership.