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Commercial Real Estate | IN BRIEF

WCB, Starwood Buy Complex for $71 Million

November 20, 2001|Bloomberg News

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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