July 9, 2015
Author: Lou Hirsh
Verizon Takes Large Space at Sorrento Mesa Office Campus
Telecommunications giant Verizon Communications Inc. has leased 110,000 square feet of space at the recently renovated Enclave Sorrento office campus in Sorrento Mesa, according to brokerage company JLL.
Building owners said Verizon will be consolidating more than 600 employees from three other current office locations in San Diego, as it moves into the campus at 9808 and 9868 Scranton Road. Officials did not disclose financial terms of the lease, negotiated by JLL’s Chad Urie, Tony Russell and Tim Olson.
The property’s owners, McCarthy Cook & Co. and AllianceBernstein LP, recently completed a $38 million renovation of the two-building, 213,000-square-foot campus. Improvements included a new five-story parking structure and two-story, glass-enclosed lobbies, with a new café, tenant lounge and fitness center.
New York-based Verizon (NYSE: VZ) ranked at No. 15 on the 2015 Fortune 500 list of the largest U.S. companies, published recently by Fortune magazine.
According to CoStar Group, El Segundo-based McCarthy Cook and the New York office of Londonbased AllianceBernstein acquired the two-building Sorrento Mesa campus in 2013 for $33.5 million. The office buildings were constructed on 6.26 acres in 1986.
JLL brokers said the property is currently more than 50 percent pre-leased.