Casey Brown Company, led by commercial real estate veteran Casey Brown, previously founder and president of BBL Commercial Real Estate, has acquired the San Diego Union-Tribune property in Mission Valley for $52 million from Manchester Financial Group. According to a CBRE Group Inc. announcement, the campus acquisition marks the first purchase under the newly launched company. CBRE will be leasing the 13-acre property, which includes a 170,000-square-foot, five-story office building and a 190,000-square-foot, three-story industrial building. Terms of the deal were not disclosed.
"I was drawn to the asset given its premier central location at the intersection of I-8 and SR-163, which is further enhanced by the walkability to the Green Line Trolley stop and Fashion Valley, San Diego's premier mall. I plan to make this an iconic landmark for all of San Diego," said Casey Brown. "I have a great deal of respect for Doug Manchester and the Union-Tribune and I look forward to celebrating the rich history of the campus while converting it to the next generation office environment."
Located at 350 Camino de la Reina, the complex housed the San Diego Union-Tribune staff since 1973, which moved production and distribution earlier this year after Manchester sold to Tribune Publishing for $85 million. Casey Brown Company says it has plans to upgrade the existing office building into an amenity-rich, Class A corporate campus, while the industrial building is currently being evaluated for alternative uses.
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