10455 Pacific Center Court is a healthcare R&D office building totaling 92,477 sf located in the Sorrento Mesa submarket of the San Diego MSA. The property is currently 100% leased to a leading medical device maker on a long-term lease. The investment supports GCREIT’s strategic goal of increasing its allocation to the health care sector and provides exposure to San Diego, a leading life science market.
The long-term impact on space demand caused by the work-from-home model, which COVID accelerated, is largely unknown in the health care sector. We have increased our allocation to medical office, life science, and R&D because we believe these alternative office uses are much more insulated from work-from-home solutions.”
The asset underwent a significant renovation and investment to transform the property into best in class R&D office, including lab space.
The property is leased through August 2028 to a top US medical device manufacturer which specializes in the commercialization of continuous glucose monitoring systems that are sold directly to people with diabetes and healthcare providers. The tenant has a major presence in the submarket with 788,000 sq. ft. across seven buildings in Sorrento Mesa. The Sorrento Mesa health-tech market is expected to continue growing, due to supply shortage, as well as, the increasing demand for lab and highly reusable clean room space.
The asset is ideally situated the heart of the Sorrento Mesa submarket of San Diego, one of the most sought-after real estate submarkets in Southern California due to the expanding life science concentration, highly diverse set of headquarter occupiers, and emerging technology companies.