Harbor Associates, LLC has completed the lease up on the Bungalows Del Mar Office despite the pandemic and work from home trends that have slowed traditional office leasing. The Bungalows Del Mar Office is a 39,537-square-foot trend setting low-rise office building in the highly desirable coastal San Diego submarket of Del Mar. Harbor vacated the building and recently completed a major $4 million trend setting and stunning renovation.
Harbor, in joint venture with the Bascom Group, LLC acquired the Del Mar office property located at 2010 Jimmy Durante Boulevard with the plan of repositioning the asset to appeal to a broader tenant base. Improvements included a complete exterior redesign, new creative office spec suites with exposed vaulted ceilings, skylights, and operable windows. To leverage the building’s location less than one mile from the beach and the Village of Del Mar, Harbor upgraded the expansive outdoor space and patio areas to create “outdoor meeting rooms” and installed a locker room with showers, and electric car chargers.
The building’s location, design, and functionality in coastal Del Mar have contributed to the leasing success during the pandemic and work from home trend, according to Harbor Principal Rich McEvoy. “Del Mar office tenants have been drawn to the exterior entries rather than enclosed hallways, restrooms accessed from outdoor common space, excellent circulation with operable windows throughout, expansive outdoor patio and meeting space, independent HVAC systems, and social distancing design plan,” said McEvoy in a statement.
Harbor also retained innovative interior designers like Tamara Romeo of San Diego Office Design who has designed several of the tenants’ spaces at the property. “There is no shortage of office tenants searching for light, bright & modern environments. Add to that the gorgeous surrounding of the Del Mar racetrack, the restaurants and shops at the Plaza, and the coastal views from the property, and it makes our job as interior designers as easy as adding ‘frosting on the already delicious cake'” added Tamara. “As a design firm that caters to clients looking for strong cultural connections in their offices, attraction & retention of high-valued staff is part of the ROI necessary to make our services worth the investment. Our completed projects for clients in the Bungalows continue to get rave reviews, which translates to happy clients, and that makes us happy too!”
Despite office buildings being out of favor among institutional investors, Harbor continues to seek out select and contrarian opportunities in the sector to create value. “We’re pursuing acquisition strategies for similar well located and differentiated office projects that will be in demand as workers continue to return to the office, we have a robust pipeline of activity and look forward to adding to our Southern California portfolio,” added Harbor Principal Justin Loiacono.