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9/01/17
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Rockwood Capital LLC purchased an institutional-quality, Class A office high-rise in downtown San Diego in a recent $109.5 mil transaction. The building, located at 600 B Street, contains 359.3k sf ($305/sf) of space over 24 floors and encompasses a full city block. It was sold by a partnership between Lincoln Property Company and Angelo, Gordon & Company.
Rockwood Capital purchased the asset free and clear of existing debt. The deal was financed with $81.2 mil in acquisition money arranged by HFF and funded through HSBC Bank USA. The three-year, floating-rate, interest-only loan includes two one-year extensions.
600 B Street features floor-to-ceiling windows; highly efficient, column-free, 15k sf floor plates; panoramic bay and city views and ground-floor lobby finishes with flame granite pavers, wood paneling and stainless steel accents. The ENERGY STAR®-rated building has an on-site parking structure consisting of three subterranean levels housing 312 parking stalls. The tower is 89.7% leased to 33 tenants, including WeWork, The San Diego Union-Tribune, MiTek and Robbins Arroyo.
Situated on 1.38 acres in downtown San Diego’s B Street corridor, 600 B Street takes up an entire city block between Sixth and Seventh Avenues. The property has a Walk Score® of 99 and is proximate to more than 25 restaurants, nine banks, 600 hotel rooms, five trolley stops and 3,300 residential units.
The HFF investment sales team representing the seller included Nick Psyllos, Nick Frasco, Ryan Gallagher, Taylor Bergthold and Kara Mathis. The HFF debt placement team representing the new owner included Aldon Cole.
“The buyer recognized the opportunity to acquire an asset that has a tremendous future with the resurgence of the downtown San Diego office market,” Psyllos said. “It provides both long-term tenancy with the Union-Tribune and WeWork and a good mix of smaller tenants throughout the building to build on that momentum. In addition, the various common areas provide additional opportunity to continue to improve and enhance the building.”
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