Architecture That Focuses on the Tech Hub

Root: “The Qualcomm effect appears to be more muted than most market participants anticipated.”

SAN DIEGO—The Sorrento Mesa neighborhood’s newly renovated Elements at Wateridge is the amalgamation of water features mixed with modern design elements of wood, steel, concrete and glass aimed at appealing to tech companies, Parallel Capital Partners’ CEO Matt Root tells GlobeSt.com. The firm recently completed a $2.5-million capital-improvement program at the property—previously named Wateridge Plaza—a three-building office complex spanning 278,787 square feet, and new tenants there—Ntrepid, Amobee Inc. and Daiichi Sankyo Inc.—have collectively leased more than 40,000 square feet in the newly refurbished space, representing deals valued at more than $7 million.

Parallel acquired the five-story buildings in 2014 for $72.5 million in a joint venture with Equity Group Investments from a partnership of Beacon Capital Partners and C-III Realty. Over the last year, the nearly 8-acre property has undergone extensive repositioning and upgrades, including completely redone common areas, new landscaping incorporating seating areas adjacent to water features and newly painted exteriors. We spoke exclusively with Root about the renovation and repositioning of the class-A property—now nearly 86 percent leased—as well as the appeal of the surrounding Sorrento Mesa submarket.