TIAA-CREF Names JRT Realty Group, Inc as Leasing and Management Agent for Pacific Plaza Office Campus in San Diego, California
Property Includes Three Class-A Office Buildings Totaling 220,405 Sq. Ft.
Pacific Plaza
SAN DIEGO, CALIF., March 4, 2008 - JRT Realty Group, Inc., the nation's largest certified woman-owned commercial real estate services firm, has been named exclusive leasing and management agent for Pacific Plaza, a three-building, Class-A office campus located on over eight acres in the Del Mar Heights section of San Diego, Calif. owned by TIAA-CREF.JRT is collaborating with its strategic partner, Cushman & Wakefield, to provide leasing and management services at the property.
"TIAA-CREF is a leader in global real estate investment," noted Jodi Pulice, JRT's Founder and President. "We are proud to work alongside TIAA-CREF and Cushman & Wakefield to create an experienced and diverse team best suited to the successful management of Pacific Plaza."Pacific Plaza is comprised of three low-rise office buildings totaling 220,405 square feet and two parking structures with a total of 742 spaces. The buildings are located at 10955, 10945 and 10935 Vista Sorrento Parkway, overlooking Interstate 5. Completed in 2002, the Pacific Plaza offices offer dramatic views of the Pacific Ocean and neighboring Torrey Pines State Reserve. On-site amenities include a fully equipped health club.
"Pacific Plaza is an example of the type of high quality properties in which we seek to invest," said Derek Landry, Director, Real Estate Asset Management, TIAA-CREF Global Real Estate."JRT Realty is a proven partner in bringing excellence in property management to our properties, and we look forward to continued success at Pacific Plaza."
Pulice and Smith are spearheading the leasing and management team, which includes Cushman & Wakefield's Mike Hoeck, Eric Northbrook and Jeff Oesterblad from the San Diego branch office. Services range from strategic planning and marketing to property repositioning.
"Del Mar Heights attracts some of the most prominent high-tech companies, several of whom are tenants of this high-profile property," noted Greg Smith, JRT's Executive Vice President."San Diego's commercial real estate market is still considered one of the best in the country."
"This assignment is yet another example of how organizations like TIAA-CREF are empowering M/WBEs like JRT Realty to compete for prominent contracts by providing superior products or services," added Pulice.
JRT Realty is the largest commercial real estate services provider certified as a Minority- and Woman-Owned Business Enterprise (M/WBE) by the Women's Business Enterprise National Council (WBENC). Additional certifications include the Women Presidents' Educational Organization (WPEO), National Minority Business Council (NMBC), New York City Department of Small Business, State of New York and the Port Authority of New York and New Jersey. The firm provides leasing and asset management services at more than 150 buildings nationwide, exceeding 15 million square feet in key urban and suburban markets.
TIAA-CREF is a national financial services organization with more than $435 billion in combined assets under management as of December 31, 2007 and is the leading provider of retirement services in the academic, research, medical, philanthropic and cultural fields. With an approximate $69 billion global portfolio of direct and indirect investments (12/31/07), TIAA-CREF is one of the largest institutional real estate investors in the nation. TIAA-CREF Global Real Estate, through the accounts managed directly, owns over $25 billion in real estate assets made up of primarily high-quality properties in the office, retail, industrial, and multi-family sectors. Investments are both domestic - covering more than 40 states and the District of Columbia - and foreign - in Canada and Western Europe.
