Greenwich, CT & San Diego, CA – Strategic Value Partners, LLC (together with its affiliates and its affiliates managed investment funds and accounts, “SVP”), a global alternative investment firm with approximately $22 billion in assets under management, and Lincoln Property Company (“Lincoln”), a global full-service real estate firm (together with SVP, the “Buyers”), today announced the acquisition of Ampersand, a 346,396-square-foot creative office campus at 350 Camino De La Reina in San Diego’s Mission Valley submarket.
The Buyers acquired the property off-market and secured new financing at close from ACORE CAPITAL. Formerly the headquarters of the San Diego Union-Tribune, the campus underwent a full creative office conversion completed in 2018. It features flexible floor plates, private balconies, outdoor meeting areas, and a fitness center. Mission Valley has seen strong tenant in-migration from other San Diego submarkets, and SVP and Lincoln plan to invest additional capital to bring the property to full occupancy.
“Our acquisition of Ampersand reflects our continued conviction in select high-quality office assets and our commitment to deploying capital strategically,” said Mike Ungari, SVP’s Global Head of Real Estate. “We are pleased to expand our partnership with Lincoln on this transaction.”
Scott Moffat, Executive Vice President and San Diego Market Leader at Lincoln, added: “This investment underscores our confidence in the San Diego office market, where leasing momentum is outpacing many peer markets.”
The Buyers were advised by Davis Polk & Wardwell LLP, Orrick, Herrington & Sutcliffe LLP and Latham & Watkins LLP. ACORE CAPITAL was advised by Paul Hastings LLP. CBRE arranged the sale and procured the new financing.
About SVP
SVP is a global alternative investment firm that focuses on special situations, private equity, opportunistic credit, and financing opportunities. The firm uses a combination of sourcing, financial, and operational expertise to unlock value in its portfolio companies. Today SVP manages $22 billion in assets under management and, since inception, has invested more than $55 billion of capital, including more than $20 billion in Europe. The firm, established by Victor Khosla in 2001, has over 200 employees, including more than 100 investment professionals, across its main offices in Greenwich (CT) and London, and presences in Tokyo, Los Angeles, and Dubai. Learn more at www.svpglobal.com.
About Lincoln Property Company
Lincoln Property Company (“Lincoln”) is one of the largest private real estate firms in the United States. Offering a fully integrated platform of real estate services and innovative solutions to owners, investors, lenders and occupiers, Lincoln supports the entire real estate lifecycle across asset types, including office, multifamily, life science, retail, industrial, data center, production studio, healthcare, government, universities, and mixed-use properties, throughout the United States, United Kingdom, and Europe. Lincoln’s combined management and leasing portfolio on behalf of institutional clients includes more than 680 million square feet of commercial space. For more information, visit: www.lpc.com.
About ACORE CAPITAL
ACORE CAPITAL, LP is one of the leading U.S. commercial real estate investment managers with approximately $19 billion of assets under management. With offices in New York, Los Angeles, Miami, San Francisco and Dallas, ACORE CAPITAL originates, acquires and manages first mortgages, B-notes, mezzanine debt and preferred equity. ACORE CAPITAL’s success has been fueled by its long-standing industry relationships and access to a consistent pipeline of origination opportunities. For more information, please visit WWW.ACORECAPITAL.COM.