First Citizens Bank & Trust Expands San Diego Office Footprint

Raleigh, N.C.-based First Citizens Bank & Trust Company recently announced the expansion of its presence in southern California through the acquisition of two office properties in San Diego, one of the leading technology and life sciences markets in the U.S.

The new portfolio additions will include space that supports both associates and clients, including from the company’s Silicon Valley Bank division, which will soon be rebranded as First Citizens Innovation Banking and First Citizens Fund Banking.

For more than three decades, First Citizens’ Silicon Valley Bank division has had a presence in the San Diego market, where it currently has more than 100 associates. Across southern California, the division has more than 1,000 total associates.

Located on High Bluff Drive near the intersection of Del Mar Heights Road and Interstate 5, the two-building property — 12481 and 12531 High Bluff Drive — incorporates a combined total of roughly 165,000 square feet of class A San Diego office space and offers easy access to downtown Del Mar, Carmel Valley and Interstate 805.

The new owner also announced plans to occupy a portion of the space in 2029.

“San Diego is an important region for our business, and this investment reflects our long-term commitment to the market, our clients and these communities,” said Peter Bristow, First Citizens Bank president. “We’re excited to expand our presence in San Diego and continue to build strong, meaningful relationships throughout the region.”

An attractive market for commercial and innovation banking services, San Diego remains a strategic hub for biotechnology, health care, defense, software and venture-backed technology companies.

San Diego Leads Development Among Top Western U.S. Office Markets

According to property research data analyzed for our monthly national office report, year-to-date office sales in San Diego reached $485 million in June and closed at an average sale price of $207 per square foot.

Notably, the southern California market had the fourth-largest pipeline in the U.S. and the largest in the Western region: 1.73 million square feet of office space was under construction here at the close of June. Together with Los Angeles (1.43 million square feet in the pipeline), the two southern California markets accounted for more than 57% of the nearly 5.5 million square feet in development across the largest markets in the Western U.S. region at the time.

In terms of leasing, San Diego was one of only four large markets in the Western U.S. region to see the full-service equivalent listing rate for office space average more than $40 per square foot.