Kilroy Realty Corp. says it plans to develop as much as 275,000 sq. ft. of Class A office space on a full city block site in San Diego’s Little Italy neighborhood.
Broker Cushman & Wakefield said in a June 28 statement that it has represented seller Pacifica Companies in the transaction of the 1.3-acre land development site at 2045 Pacific Hwy. in downtown San Diego for $42 million.
“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,” broker Kevin Nolen said in the statement. “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.”
Kilroy also said within its announcement that “the opportunity will enhance the company’s position in the downtown area by providing flexibility and scale for large and growing tenants at its newly constructed 220,000 sq. ft. 2100 Kettner development” that is located directly adjacent to the 2045 Pacific Highway site.