JP Morgan Asset Management is planning one of the largest office property deals in San Diego this year as it prepares to sell its La Jolla Commons complex, beating the $186.5m (€163.5m) Shorenstein Properties paid for the Sorrento Towers.
According to sources that track large office sales in San Diego, the complex - which includes two existing office buildings totalling 720,000sqft and some land - could be put up for sale for around $500m.
Shorenstein, on behalf of its $1.22bn Shorenstein Realty Investors Eleven fund, acquired the 565,000sqft Sorrento Towers North and South office buildings from PGIM Real Estate.
Sources said Shorenstein paid $186.5m for the asset, making it one of the largest office building sales to close this year in San Diego.
