Developed in 2006, Ocean Ridge is a modern office environment inspired by Carlsbad’s coastal lifestyle. Unparalleled ocean views along with the property’s distinct architecture and a steel, stone, and glass exterior make the prestigious Carlsbad Ranch home to some of the most recognized finance and technology firms. Ocean Ridge is Carlsbad’s premier office experience.
- Purchased a 75,937 SF Class A office building in the coastal Carlsbad submarket of San Diego, California for $28.25M ($372/SF) and 6.63% cap rate in June 2020
- Acquired well below replacement cost and at significantly lower inflation-adjusted basis than when property traded in 2007 and 2015
- Situated on a prominent bluff with panoramic ocean views and convenient access to Interstate 5, property is in close proximity to a rich amenity base that includes 500,000 SF of retail and over 50 restaurants, services, hotels and entertainment
- Boosted property to 94% leased and 89% occupied in Q3 2024 with an impressive tenant mix, executing long-term renewals with nearly 50% of in-place rent roll, including Morgan Stanley and Charles Schwab, and signing new leases with several other prominent, strong credit companies
- Invested approximately $850,000 in light value-add plan, transforming the Class A office building into the market’s premier office experience with the addition of amenitized common areas including upgrades to building lobby, outdoor coworking space, parking garage, EV charging stations, enhanced signage and a comprehensive property rebrand inspired by Carlsbad’s coastal lifestyle
