Boston-based real estate company, King Street Properties, recently acquired the Esplanade in San Diego’s University City / University Towne Centre (UTC) submarket. The campus consists of three buildings totaling 241,963 square feet and the transaction closed on December 30th, 2024. A fourth building is also included in the sale agreement and is expected to close in December of 2025. The details of the purchase price, seller and terms were not disclosed.
King Street has plans to make improvements throughout the entire campus including adding common amenities such as a conference center and fitness center. They also plan to upgrade existing lab infrastructure and expand available lab space for tenants. These upgrades will enhance outdoor gathering spaces as well.
Sonia Taneja, managing director overseeing King Street’s West Coast operations stated: “We are excited about acquiring this life science campus at Esplanade which adds to our growing portfolio in San Diego market allowing us to cater towards tenants of all sizes.” This acquisition aligns with King Street’s strategy for expansion within San Diego market.
