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San Diego Office Tower Sells for $27.5 Mil

10/29/24

Ambient Communities, a San Diego-based real estate development company, acquired 530 B Street, a 24-story, 250k sf office tower in downtown San Diego, for $27.5 mil ($110/sf).

Completed in 1966, the building is located at 530 B Street, in the city’s B Street Corridor. It was known as the Union Bank building until U.S. Bank acquired the bank in 2022.

Like many office assets in the central business districts, 530 B Street has faced significant challenges in a declining office environment. Despite the broader downtown San Diego market vacancy rate of 24% in Q3 2024, the listing generated 16 initial offers and three rounds of bidding.

CBRE's Matt Carlson, Hunter Rowe, Camille Doan, Matt Pourcho and Anthony DeLorenzo represented the seller in the transaction. Mickey Morera of Kidder Mathews represented Ambient Communities in the transaction.




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