Parallel Capital Partners Leases More than 35,000 Square Feet of Sorrento Valley Commercial and Lab Space

    SAN DIEGO, CA, October 15, 2015 /24-7PressRelease/ -- Parallel Capital Partners, Inc. announced today that new and existing tenants within its San Diego Collection, a portfolio of 12 office, lab and research and development buildings in San Diego's Sorrento Valley neighborhood, have collectively leased more than 35,000 square feet in new and additional space - representing deals valued at more than $5 million.

According to Matt Root, CEO of Parallel Capital Partners, a San Diego-based real estate investment firm, with these latest transactions the firm's San Diego Collection is now more than 85 percent leased. "These transactions confirm our belief that Sorrento Valley is a key R&D, life science and commercial hub due to its superior location close to I-5, I-805 and SR-56," he said. "As the economy improves, we believe the area will continue to gentrify and attract even more life science and high tech industries."

Specifics of the deals include:

· A leader in anti-cancer therapeutic and diagnostic products, MabVax Therapeutics, has expanded its lab space and relocated from 11588 to 11535 Sorrento Valley Road., leasing 14,971 square feet. The lease is for 87 months. Brian Stark and Dave Odmark of Cushman & Wakefield represented Parallel, and Ted Jacobs of Cushman & Wakefield represented the tenant in the transaction.

· Intrepid Studios, a developer of cutting edge video games, leased 5,875 square feet of new office space at 11558 Sorrento Valley Road, Suite 7 for 39 months. Brian Stark and Dave Odmark of Cushman & Wakefield represented Parallel, and Tim Olson of Jones Lang LaSalle represented the tenant in the transaction.

· New tenant Hamari Chemicals - a manufacturer of high quality pharmaceuticals - leased 6,544 square feet of lab space at 11494 Sorrento Valley Road, Suite E, securing a 75-month term. Brian Stark and Dave Odmark of Cushman & Wakefield represented Parallel, and Ted Jacobs of Cushman & Wakefield represented the tenant in the transaction.

The San Diego Collection, a portfolio of 12 one- and two-story creative office, R&D and lab buildings totals 310,716 square feet and is located in the tech-centric hub of Sorrento Valley. More than $12 million in refurbishments was recently completed to interior spaces and exteriors of all buildings in the portfolio, with key architects including Ware Malcomb, McFarlane Architects, Pacific Cornerstone Architects, Smith Consulting Architects and general contractors including Burger Construction, Pacific Building Group, ICS Pacific Builders and Prevost Construction.

About Parallel Capital Partners, Inc.
Parallel Capital Partners, Inc. (parallelcapitalpartners.com) is a real estate investment and operating firm that focuses on office, industrial and retail property acquisition in markets in the western U.S. and Hawaii. The company identifies opportunities where assets are undervalued and uses restructuring, capital improvements and superior leasing and management to turn value-added opportunities into core properties.

# # #