American Specialty Health, Inc. has renewed the lease it has with Parallel Capital Partners for nearly 200,000 square feet of space in Sorrento Mesa in a deal valued at $110 million.
The lease period in The Elements, a 278,787 square-foot complex at 10221-10241 Wateridge Circle is for more than 10 years, according to Parallel Capital Partners.
The Elements is comprised of thee five-story buildings.
Parallel Capital Partners acquired the complex in 2014 and has made more than $3.5 million in improvements to the property, including upgrades to common areas, fitness center upgrades, new landscaping that includes seating areas next to water features, and a new outdoor workout area.
Mike Hoeck and Matt Carlson of CBRE represented Parallel Capital Partners in the transaction and Jon Altschuer of ALT+CO represented American Specialty Health.
“The Elements location near UC San Diego, the Scripps Institute and San Diego Supercomputer Center is very attractive to large employers,” said Matt Root, CEO of Parallel Capital Partners. “Sorrento Mesa is a key technology, life science, pharmaceutical and computer hub, making this location perfect for American Specialty Health."