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Speculation Is Back in Del Mar Heights

Artist’s rendering of TIAA-CREF’s new development on High Bluff Drive.

Hughes Marino sat down for lunch recently with Robert Niendorf, Senior Director of Asset Management for TIAA-CREF, to talk about the investment firm’s new project at 12670 High Bluff Drive — the first speculative office building redevelopment in Del Mar Heights in this new market cycle.

TIAA-CREF is a monster institutional investor, with $15 Billion in commercial properties and very deep pockets. Normally a conservative investor with a track record of buying stabilized investment property, TIAA-CREF now finds itself as the proud owner of the newest, totally empty office building in Del Mar Heights.

What do we think? We love the building. When it’s finished it will redefine the high end in San Diego Class A office space. But with an asking rent of $4.50(!) per square foot, it is going to take some major lease concessions to stabilize this particular investment.

John Jarvis is an executive vice president of Hughes Marino, a global corporate real estate advisory firm that specializes in representing tenants and buyers. Contact John at 1-844-662-6635 or john@hughesmarino.com to learn more.



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