JLL retained to oversee leasing at 1450 Frazee which will undergo a rebrand to Axis 1450 as well as capital improvements
News release
05 August 2025
HP Investors Acquires Class A Office Building in San Diego, California for $20.25 Million
SAN DIEGO, May 15, 2025– San Diego based real estate investment firm HP Investors, in partnership with Realm, L.P., has acquired 1450 Frazee, a seven-story, 145,000-square-foot Class A office building in San Diego’s Mission Valley submarket in an off-market transaction valued at $20.25 million.
“Despite the significant challenges posed by current market conditions, the commercial office sector still offers unique opportunities that others tend to overlook,” said Sumeet Parekh. “At our cost-basis, this is an outstanding value-add opportunity to reposition the building and take advantage of the leasing velocity taking place in Mission Valley which has resulted from both the flight to quality by office tenants migrating from downtown San Diego and those returning to office for work. We are well-capitalized and ready to execute on deals that enhance value for our tenants and investors.”
HP Investors will immediately begin a multi-million capital improvement program which will include upgrades to the building infrastructure and common areas, building upon the recent renovations made by the seller. To be rebranded as Axis 1450, the property can accommodate a wide range of businesses seeking 2,000 square feet up to a 20,000-square-foot full floor.
Axis 1450 benefits from the many demand drivers for the area, including its excellent location within Mission Valley, which has evolved into one of San Diego’s most important employment hubs and most dynamic submarkets. Major employers in the submarket include United Technologies, Kaiser, Eaton, United Health Group, Paychex and Verizon. Mission Valley’s inventory of new housing, quality schools and upscale retail has also driven many businesses to the area.
JLL's Tim Olson and Bess Wakeman have been retained to oversee leasing at Axis 1450.
"HP Investors is well-positioned to ensure stability and bring long-term value to the office building and its tenants," said Tim Olson, JLL Senior Managing Director. "1450 Frazee stands out as a leading destination for businesses seeking premium, easily accessible office space in a highly desirable location."
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $23.4 billion and operations in over 80 countries around the world, our more than 112,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About HP Investors
HP Investors is a San Diego dynamic real estate investment firm focused on acquiring and enhancing high-potential properties in key markets throughout Southern California. With a strategic approach to value creation, risk mitigation and a commitment to operational excellence, HP Investors delivers innovative solutions for tenants and partners. More information can be found at HP Investors.com.