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SAN DIEGO NEWS
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Swift Real Estate Partners Buys 233k sf Downtown San Diego Office High-Rise

8/25/17

Swift Real Estate Partners purchased Five Thirty B in downtown San Diego. Located at 530 B St, the 24-story, 232.9k sf LEED Gold office building was 88% leased at the time of sale. Although a price was not given out, industry sources estimate a price of around $58 mil ($249/sf).

The building, Located between 5th and 6th Streets in downtown San Diego, was sold by Bosa Development, who purchased the asset for $53.2 mil from Kearny Real Estate Co in early 2016. Kearny had acquired the building in January of 2014 from Union Bank of California for $29 mil.

After acquiring the asset, Kearny rebranded the building as Five Thirty B and undertook a $15 mil renovation that included all new restrooms, a redesigned lobby with artwork designed by Matt Devine and completely refurbished conference center with new state of the art audio/visual equipment.

The most dramatic element of the building renovation was the transformation of an underutilized patio into a 15k sf Sky Terrace that wraps around the building on the third floor. Created by Kearny at a cost of $1 mil, it is one of the largest tenant amenities of its kind in downtown San Diego.

Louay Alsadek and Hunter Rowe of CBRE Capital Markets Office West were the investment advisors in this latest transaction. Matt Carlson, Ryan Grant and Jeff Oesterblad, also with CBRE, provided market leasing expertise.

“With downtown San Diego experiencing its highest historical net absorption in 2016 and a significant decrease in vacancy combined with the continued growth of the downtown population, the Five Thirty B offering attracted significant interest from investors, which created a highly competitive environment,” Alsadek said.

Founded in 2010, Swift Real Estate Partners is headquartered in San Francisco with regional offices in Orange County, Portland and the Silicon Valley/East Bay. Swift is an independent and vertically integrated real estate investment management firm which seeks to generate attractive risk-adjusted returns for its fund investors. The company acquires and repositions office and industrial assets in select West Coast markets. Swift, through its various funds, has purchased approximately 5.5 msf of real estate and has over $1.3 bil of assets under management. The company’s current investment vehicle, Swift Real Estate Partners Fund II, is a $408 mil value-add real estate fund closed in May 2016.







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