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7/30/14
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BBL Commercial Real Estate and Westbrook Partners have acquired Fifth Avenue Financial Center, located at 2550 Fifth Avenue in downtown San Diego, for an undisclosed amount. The iconic tower, commonly known as “The Mister A’s Building,” has been owned and operated by the Alessio family since its construction in 1965, and is perhaps best known locally as home to the spectacular rooftop view restaurant Bertrand at Mister A’s.
The 13-story, approximately 150k sf tower was built by prominent San Diego businessman, banker, restaurateur and race-track operator John Alessio in 1965. It was the first tower to be constructed in the Bankers Hill (Park West) neighborhood adjacent to Balboa Park and was among just a handful throughout the city at the time. The building has been managed by Bud Alessio since his father’s passing in 1998 and is 74 percent leased to a variety of tenants, many of whom have officed there for decades.
BBL and Westbrook plan a multi-million dollar renovation that will transform the building into an inspiring, amenity-rich Class A office and retail environment offering the very best bay and city views in San Diego. The street level will be reinvigorated with a pedestrian orientation, including a modern 5k sf restaurant, and possibly a café, pub or brewery, and other strategic commercial uses. BBL and Westbrook will announce the architect soon.
“Park West has evolved into an exciting urban neighborhood and our goal is to position the building for the 21st century while preserving the relationship San Diegans have enjoyed with it for so many years,” said Casey Brown, president of BBL Commercial Real Estate (BBL). “Most of the renovation work will focus on dramatic interior improvements that will make it a beautiful and engaging place to be, whether you are an office tenant, restaurant patron, nearby resident or out-of-town visitor.”
Bertrand at Mr. A’s will remain the anchor restaurant tenant. Cassidy Turley’s Andy LaDow, Michael Burton and Danny Fitzgerald will handle marketing efforts for the available office space and planned retail and restaurant space. There were no brokers involved in the sale transaction.
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