Trophy Class A campus in Carlsbad offers value-add play as San Diego office sector stabilizes
A 219,000-square-foot office campus in one of San Diego County’s most coveted coastal submarkets has hit the market, presenting potential investors with a value-add opportunity as the regional office sector shows signs of stabilization after years of pandemic-driven disruption.
Ventana, a three-building Class A office campus located at 2173, 2175, and 2177 Salk Avenue in Carlsbad, California, is being marketed for sale by Newmark’s Rick Reeder and Brad Tecca. The Property totals nearly 220,000 square feet across three low-rise Class A office buildings and is currently 65.2 percent leased, providing buyers with immediate rental income alongside upside potential through lease-up activities.
The timing of the sale reflects broader dynamics in San Diego’s office market, which has experienced significant adjustments since the pandemic reshaped work patterns. Office vacancies reached 14.5 percent in Q2 2025, while landlords are increasingly open to concessions and spec suites, and tenants are slowly re-entering the market with cautious expansions or new leases.
Ventana’s location in Carlsbad positions it within one of North County San Diego’s most resilient office submarkets. North County areas like Del Mar Heights and Carlsbad, office markets remain relatively balanced – these submarkets serve local tech and R&D companies and have seen fewer wild swings compared to downtown San Diego’s high-rise office towers.
The campus sits on 14.7 acres with parking ratios of 4 spaces per 1,000 rentable square feet for buildings 2173/2175 and 4.5 spaces per 1,000 rentable square feet for building 2177. The buildings, constructed in 2007 and 2010, represent relatively modern office stock in a market where new construction has been limited.
Carlsbad’s broader real estate fundamentals remain strong despite office market headwinds. The fundamental drivers that make Carlsbad special – stunning coastline, excellent schools, vibrant community, and strong economic base – remain firmly in place. The city’s median home price has reached $1.6 million, reflecting continued demand for coastal living that supports the area’s office worker base.
With 65.2 percent occupancy across 16 tenants generating $3.18 million in net operating income, Ventana presents a classic value-add investment thesis. The 34.8 percent vacancy provides immediate opportunities for rent growth and stabilization, particularly as San Diego’s office sector in 2025 can be characterized as stabilizing.
The property is offered individually or as part of a larger portfolio that includes Civic View in San Marcos and The Campus on La Place Court in Carlsbad, potentially allowing buyers to achieve greater scale and diversification within the North County submarket.
Beverly, Massachusetts-based Brookwood Financial Partners owns the property through an affiliated entity. Brookwood has invested over $1.8 billion of equity to acquire a portfolio of over 203 commercial real estate properties since its founding in 1993, with a $4.9 billion historical portfolio spanning multiple asset classes, geographical markets and industries across the United States.
Current market dynamics may favor purchasers seeking to capitalize on office distress. Carlsbad office space expenses in 2024 marked a 31.35 percent discount compared to the previous year, with the sale price for office space in Carlsbad averaging $205.27 per square foot in 2024, compared to the statewide California average of $249.15 per square foot.
Transaction volume remains limited, with only 3 deals closing on the Carlsbad office market in 2024, adding up to a yearly sales volume of $65.5M. The largest transaction saw Studio 2200 change hands for $49.5 million in December 2024.
While San Diego’s broader economy faces headwinds—the region’s job growth was only 0.5 percent in 2024, significantly lagging national averages—the area’s diverse economic base continues to attract investment. San Diego boasts a growing metro population of over 3.3 million people and a highly skilled workforce spanning life sciences, defense, technology, and tourism sectors.
For investors willing to navigate the current office market cycle, Ventana represents the type of opportunity that may prove attractive in retrospect. Opportunistic investors might find 2025–2026 to be great timing to snag underperforming office assets, particularly in markets like Carlsbad, where underlying fundamentals remain intact despite short-term challenges.
