San Diego Real Estate: Top Developments, Acquisitions & Leasing Activity Q4 2024
Learn what developments were completed, which buildings were sold, and which top firms expanded their local presence in Q4 2024.
Business of San Diego is expanding its business coverage. In addition to receiving news on the latest happenings in the local startup and venture capital scene, you can now expect quarterly reports on the San Diego real estate market.
San Diego Real Estate Market Overview
High-class commercial developments and million-dollar listings, sales, and acquisitions defined the San Diego real estate market in the fourth quarter of 2024.
Veteran real estate groups came out as clear winners, as well as larger investment firms betting on San Diego’s thriving life science sector.
We also saw an uptick in professional service firms opening new offices in the region at an unprecedented rate.
Downtown San Diego’s office market continues to experience a variety of shifts. Law firms recognized the necessity to plant flags in Del Mar, with large global corporations making strategic decisions to purchase the buildings they occupy.
These trends are reflected in this Q4 round-up of notable real estate activities in San Diego County, based on Business of San Diego’s independent analysis of publicly available data from October to December.
Top Building Developments
HKS Architects & Designers completes UCSD’s Theatre District for $500M.
MountainWest Real Estate completes Chula Vista luxury apartments for $70M.
City of San Diego renovates Balboa Park’s Botanical Building for $26M.
Breakthrough Properties completed the 500,000-square-foot Torrey View.
Top Building Acquisitions
Realty Income Corporation acquires Texas’ Spirit Realty Capital for $9B in stock.
MG Properties sells Vista apartment complex to Chicago’s Mesirow for $185M.
Hill Companies sells Carlsbad industrial building to IDEC Corporation for $49M.
San Diego Water Authority buys Escondido 9-Acre site from RPG for $39M.
Ambient Communities buys Downtown building from Swift Partners for $27M.
Washington Capital sells Otay Mesa industrial space to EQT Exeter for $23M.
Capstone Advisors buys Solana Beach retail center from GEM Realty for $32M.
Stos Partners sells Escondido Townhome to LA-based private investor for $8M.
IDS Real Estate Group buys Otay Mesa industrial site from FOTINM for $5M.
Top Office Relocations
Steinberg Hart a LA-based architectural firm opens Downtown office.
Perkins&Will a Chicago-based architectural firm opens office in Little Italy.
ESET a global digital security company opens relocates Downtown office.
CalAmp a Fleet Management Software firm relocates from Irvine to Carlsbad.
Manatt, Phelps & Phillips, LLP a LA-based law firm opens Del Mar office.
Dickinson Wright a Detroit-based law firm opens Del Mar office.
Top Residential Listings
Darwin Deason, technology billionaire lists La Jolla Sandcastle Home for $108M.
Willow Creek Estate at 16401 Calle Feliz in Rancho Santa Fe lists for $100M.
Rande Turner lists Del Mar beach home for Vickers-Naftzger family for $75M
Ryan Real Estate Group lists 6283 La Jolla Scenic Dr in La Jolla for $22M.
Disclaimer: this is a curated snapshot with a goal of compiling most of the important headlines in a digestible format. Feedback is welcome.
Fred Grier is a business journalist and senior associate at JLL, a global corporate real estate advisory firm that specializes in representing San Diego-based technology, life science companies, consumer brands with their real estate needs. Contact fred.grier@jll.com to learn how we can help.