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California  + San Diego  + Office  | 

Kilroy to Develop Class-A Office in Little Italy Neighborhood

Pacifica Companies recently sold an approximately 1.3-acre land development site in downtown San Diego to Kilroy Realty Corporation for $42 million. Kilroy recently announced plans to develop up to 275,000 square feet of class-A office space on the full city block site located at 2045 Pacific Highway in San Diego’s Little Italy neighborhood.

Kevin Nolen, Mike Novkov, Tim Winslow and Jason Kimmel with Cushman & Wakefield represented the seller in the transaction.

“This was a rare opportunity for an investor/developer to acquire an extremely well-located piece of property just off the waterfront in downtown San Diego,” said Nolen. “In the last 15 years, there has been very limited new spec office deliveries specific to Little Italy, and Kilroy’s plans for this site will be a great and needed addition to the class-A inventory. The plans for this site also speak to the optimism to fulfill the need for office demand in this area looking ahead.”

Consisting of four parcels totaling approximately 1.3 acres, the site is within walking distance to numerous nearby amenities and the San Diego Bay. Kilroy says the opportunity will provide “flexibility and scale for large and growing tenants at its newly constructed 220,000-square-foot 2100 Kettner development” that is located directly adjacent to the 2045 Pacific Highway site.

“Little Italy and the downtown San Diego waterfront is a limited and rare opportunity for developers to construct some of the city’s best-in-class office and life science projects due to the lack of available developable sites on Pacific Highway with scale,” adds Novkov. “Tech and the life science industries have been dominating the leasing activity throughout the county, which has largely been concentrated in first-class new office/life science developments at peak market rents.”

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Kevin Nolen

About Lisa Brown

Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM. In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.