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1/10/14
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Kearny Real Estate Company has acquired a 232.1k sf office building in downtown San Diego from Union Bank NA. The building is located at 530 B Street, between 5th and 6th Aves, a few blocks northeast of Horton Plaza. The price was not disclosed.
The building was 57 percent leased at the time of the sale. In addition to Union Bank and the San Diego office of Kearny, other significant tenants include The San Diego Economic Development Corporation, Peterson Price, Messner Smith, Peterson & Associates and Standing Chapter 13 Trustee. Union Bank will continue to occupy a major portion of the property and retain building-top signage through a new long-term lease.
Kearny plans to undertake a $15 mil capital improvement program that will include a significant overhaul of the building’s core plumbing, completely new restrooms and significant new tenant improvements. They also intend to convert a previously under-utilized 12k sf patio into an exciting new indoor/outdoor common area.
“This patio is one of the reasons we bought this iconic building. It gives us the opportunity to create a wonderful indoor/outdoor experience for our tenants,” said Kearny Partner John Bragg, who heads the firm’s San Diego office. “When completed in spring 2014 there will be nothing else like it for tenants in downtown San Diego.”
Built in 1966 and renovated in 1992, the Union Bank Building had stood as the tallest building in San Diego for more than 20 years and still remains a distinctive part of the San Diego skyline. Characterized by its floor-to-ceiling windows, every floor offers 360-degree views of the San Diego Bay, Pacific Ocean, and Balboa Park.
“Businesses occupying 10k sf or less make up approximately 85 percent of the office space in Downtown San Diego,” added Bragg. “With 9.3k sf floor plates, the building provides unique full-floor opportunities for the mid-size tenants that dominate the downtown market.”
Louay Alsadek and Evan August of CBRE represented Union Bank in the transaction. Ryan Grant, Andrew Taylor and Jim Rinehart, also with CBRE, have been retained as leasing agents.
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