WCB, Starwood Buy Complex for $71 Million
WCB Properties and Starwood Capital Group bought an office and retail complex in San Diego for $71 million, one of the largest office property sales in the metropolitan area this year.
The two firms purchased the 389,000-square-foot Hazard Center, in the city’s Mission Valley area, from Connecticut General Life Insurance, according to broker Cushman & Wakefield, which represented the seller.
The property’s 15-story, granite-clad office tower is fully leased, with such tenants as Aetna Inc., American International Group Inc. and Toyota Motor Co. Retail tenants include Barnes & Noble, the Wherehouse, a Mann theater complex and Trophy’s and Prego restaurants.
The sale price for the 11-year-old center matches the previous high for offices in the San Diego area this year. In September, Slough Estates USA Inc. paid Equitable Life Assurance $71 million for the Torrey Pines Science Park in La Jolla.
WCB is a real estate firm based in Newport Beach. Starwood Capital Group, founded by financier Barry Sternlicht, controls $6 billion of real estate.
Sternlicht also is chairman and chief executive of Starwood Hotels & Resorts Worldwide Inc., a separate entity that is the country’s biggest hotel owner.
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