Edition: August 2004



Major Office Building Sales
Over the Past 12 Months



Carlsbad Sales Price Square Feet Price Per S.F. Buyer Seller Sale Date
5900-5950 La Place Ct $67,000,000 363,970 $184 PP Carlsbad Inc. Ca-La Place Court (LP) 11/21/03
Total $67,000,000 363,970
Average $67,000,000 363,970 $184
Del Mar Heights Sales Price Square Feet Price Per S.F. Buyer Seller Sale Date
Torrey View Corporate Center $22,000,000 71,778 $307 Pacifica Torrey View (LLC) Hibiscus Torrey View (LLC) 5/31/04
Total $22,000,000 71,778
Average $22,000,000 71,778 $307
Downtown Sales Price Square Feet Price Per S.F. Buyer Seller Sale Date
Golden Eagle Plaza/Comerica Blg $173,500,000 764,037 $227 Triple Net Properties (LLC) Southwest Value Partners 6/14/04
Emerald Plaza $101,000,000 356,901 $283 Triple Net Properties (LLC) Southwest Value Partners 6/14/04
SBC Plaza $123,000,000 401,625 $306 American Assets, Inc. San Diego 101 RPF III (LLC) 5/10/04
First National Bank Center $112,000,000 547,448 $205 DRA Advisors (LLC) San Diego Equities REIT I 7/10/03
NBC Bldg $95,500,000 330,185 $289 Broadway 225 Sorrento Holdings (LLC) San Diego 225 RPFIII (LLC) 5/20/04
Washington Mutual $35,200,000 171,178 $206 7th & Broadway Partners (LLC) 707 Broadway (LLC) 9/26/03
Ward Bldg $32,500,000 172,830 $188 Glenborough Properties (LP) M&S Balanced Property Fund (LP) 12/18/03
Total $672,700,000 2,744,204
Average $96,100,000 392,029 $245
Governor Park Sales Price Square Feet Price Per S.F. Buyer Seller Sale Date
Governor Executive Centre-II $23,000,000 101,195 $227 Arden Realty (LP) GE Centre Partners (LP) 12/23/03
Total $23,000,000 101,195
Average $23,000,000 101,195 $227
Kearny Mesa Sales Price Square Feet Price Per S.F. Buyer Seller Sale Date
Stonecrest Office Project $74,000,000 379,641 $195 Nd Properties Inc. Pacific Stonecrest Holdings (LP) 10/31/03
9350 Waxie Way $32,750,000 110,994 $295 Hibiscus Plaza (LLC) Manchester Plaza (LLP) 7/2/04
Olympia Plaza $22,216,500 127,368 $174 Olympia Plaza (LLC) Janney Enterprises (LP) 4/1/04
Chesapeake Park Plaza $17,500,000 92,865 $188 ScanlanKemperBard Companies Chesapeake Partners (LLC) 10/3/03
Total $146,466,500 710,868
Average $36,616,625 177,717 $206
La Jolla Sales Price Square Feet Price Per S.F. Buyer Seller Sale Date
Prospect Point $10,100,000 31,201 $324 Allison-Zongker (LP) Prospect Point (LLC) 8/14/03
Total $10,100,000 31,201
Average $10,100,000 31,201 $324
Mission Valley Sales Price Square Feet Price Per S.F. Buyer Seller Sale Date
Hazard Center $100,060,000 407,476 $246 7510 Hazard (LLC) Hazard Center Investors (LLC) 9/4/03
Centerside I $65,000,000 202,913 $320 Teachers Insurance & Annuity Assoc. State of California Public Employee 6/30/04
Valley Corporate Center $30,950,000 171,391 $181 Hearn Company VCC Investors (LP) 2/23/04
Mission Courtyard $14,135,000 84,566 $167 Schroeder Garden Lakes (LLC) F&F Mission Courtyard Assoc (LLC) 12/12/03
Total $210,145,000 866,346
Average $52,536,250 216,587 $243
North Beach Cities Sales Price Square Feet Price Per S.F. Buyer Seller Sale Date
Marine View Corporate Center $12,930,000 47,543 $272 Del Mar Investors (LP) Hibiscus Investment Inc. 5/10/04
Total $12,930,000 47,543
Average $12,930,000 47,543 $272
Rancho Bernardo/Poway Sales Price Square Feet Price Per S.F. Buyer Seller Sale Date
Scripps Northridge Tech. Plaza $20,800,000 95,579 $218 Crystal Pier Partners (LP) Kearny Scripps IV (LLC) 12/23/03
The Bluffs $17,700,000 68,595 $258 Prentiss Properties Acquisition 16870 Bernardo Partners (LP) 4/13/04
Carmel Corporate Plaza $17,650,000 86,639 $204 Harsch Investment Properties (LLC) Praedium Group/The Shidler Group 8/31/03
Financial Plaza $12,400,000 71,255 $174 Sunroad Centrum Partners (LP) RB Phoenix Associates (LLC) 10/31/03
Total $68,550,000 322,068
Average $17,137,500 80,517 $213
Scripps Ranch Sales Price Square Feet Price Per S.F. Buyer Seller Sale Date
Scripps Ranch Corporate Plaza $30,000,000 243,118 $123 Scripps Corporate Plaza Vef V (LLC) Scripps Corporate Plaza (LLP) 4/15/04
Total $30,000,000 243,118
Average $30,000,000 243,118 $123
Sorrento Mesa Sales Price Square Feet Price Per S.F. Buyer Seller Sale Date
Elan Pharmaceuticals $40,000,163 230,000 $174 HCPI/Sorrento (LLC) Elan Pharmaceuticals, Inc. 1/16/04
Cornerstone Plaza $27,375,000 176,700 $155 LBA Realty Fund-Gillette Avenue (LLC) W9/PC (LP) 6/3/04
Total $67,375,163 $406,700
Average $33,687,582 $203,350 $166

*Property that sold for more than $10 million


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