DRA Advisors Inc. bought five San Diego office buildings from Clarion Partners for about $80 million, the largest office property transaction in San Diego County this year.
The buildings are in four suburban locations, said Rick Putnam, a principal with Trammell Crow Co., which represented Clarion in the sale. The buildings contain a total of 477,756 square feet and are 93% occupied.
DRA was attracted to San Diego by a vacancy rate of 7.5%, the growth of biotechnology and defense-related companies and constraints on new supply, Putnam said. The vacancy rate nationally is almost 12%, according to CB Richard Ellis.
DRA, a New York-based investment advisory firm, purchased the buildings in partnership with Landmark Asset Management Group. Clarion is a pension fund advisor.