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Parallel Capital Partners Nearing Completion on $12 Million in Renovations on San Diego Portfolio

26 Building Portfolio located in Rancho Bernardo, Sorrento Valley

SAN DIEGO - July 2, 2014 - PRLog -- SAN DIEGO, Calif. (June 30, 2014) – Parallel Capital Partners is nearing completion on $12 million in renovations of its Creative Collection – a portfolio of 26 creative office, R&D and lab buildings totaling 577,596 square feet – in the tech-centric hub of Sorrento Valley and nearby Rancho Bernardo.

According to Matt Root, CEO of Parallel Capital Partners, the properties have all been renovated to reflect the growing trend toward creative office space – which eliminates the traditional cube environment and instead features open interactive areas. “Increasingly, today’s office space is designed with the needs of employees in mind, fostering creativity and flexibility,” he said. “When we undertook these renovations, we took this into careful consideration, so the offices in this portfolio optimize space, with open and airy informal meeting areas designed to encourage collaboration and creativity.”

Factors driving the shift toward a creative work environment include the overall inefficiencies of the more traditional space. “Because of the increase in technology, workers are no longer bound to their desks. As a result, older offices and cubes are now underutilized, creating wasted space,” Root said.

With this in mind, refurbishments were completed to interior spaces and exteriors of all buildings in the portfolio, with key architects including Ware Malcomb, McFarlane Architects, Pacific Cornerstone Architects, Smith Consulting Architects and general contractors including Burger Construction, Pacific Building Group, ICS Pacific Builders and Prevost Construction.

The properties include:

·         The five-building, 126, 965-square-foot Sorrento Creative Center 1, 1135-11585 Sorrento Valley Rd.

·         The one-building, 19,193-square-foot Sorrento Creative Center 2, 11772 Sorrento Valley Rd.

·         The one-building, 32,591-square-foot Sorrento Creative Center 3, 11760 Sorrento Valley Rd.

·         The one-building, 19,899-square-foot Sorrento Creative Center 4, 11750 Sorrento Valley Rd.

·         The three-building, 81,031-square-foot Sorrento Creative Center 5, 11558-11588, Sorrento Valley Rd.

·         The one-building, 30,881-square-foot Sorrento Creative Center 6, 11494 Sorrento Valley Rd.

·         The four-building, 114, 316-square-foot Sorrento Pines, 4106-4122 Sorrento Valley Rd.

·         The ten-building, 152,730-square-foot One Technology Place, 10905-10949 Technology Place.

About Parallel Capital Partners, Inc.

Parallel Capital Partners, Inc. (parallelcapitalpartners.com) is a private, fully-integrated real estate investment and operating company focused on acquiring value-added and core-plus opportunities for its own account in primary and secondary markets west of the Mississippi, including Hawaii.

Media Contact: Sydnie Moore moore2com@gmail.com 619-823-8448

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Source:Parallel Capital Partners
Location:San Diego - California - United States
Industry:Property, Real Estate
Tags:Parallel Capital Partners, Sorrento Valley, Real Estate, Office Space, San Diego
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