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10/31/18
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Coworking firm Spaces agreed to a lease for three full floors totaling 43.5k sf at 1420 Kettner Blvd, a seven-story office building in San Diego’s Little Italy. Terms of the lease, for the first three floors, were not disclosed.
The 123.1k sf building, known as “Kettner & Ash”, is currently undergoing a major transformation into a boutique Class A office project. This deal – still several months in advance of anticipated construction completion - represents the first official lease executed since the owners, a joint ownership venture of DivcoWest Real Estate Services LLC and Ocean West Capital Partners LLC, began recent reconstructive work at the building.
The property renovations are designed by Gensler, while Reno Construction serves as the project’s general contractor. Among the most significant improvements being done to modernize and enhance the desirability and stature of the building will be a newly renovated contemporary façade featuring an energy efficient clear glass wall-curtain.
Additionally, a five-story LED panel array (12’ x 70’) will be installed in the building’s atrium that will display and exhibit digital artwork. Another major upgrade will also include a large outdoor event patio on the third floor which will be completely renovated and become a common area tenant amenity.
Designed as a comfortable place where people can sit and relax, the new third floor patio will transition into an indoor/outdoor tenant lounge with seating, an entertainment area, and a kitchen. Other key enhancements being made throughout the property will include a new café/restaurant, resort-style showers and lockers, and a private ground floor tenant patio.
Derek Hulse and Philip Roberts with Cushman & Wakefield’s San Diego office represented the landlord in the transaction. CBRE represented Spaces in the transaction. Spaces allows businesses and entrepreneurs to choose from a list of membership structures that fit their needs, including co-working memberships, dedicated desks and private offices. All Spaces members are able to enjoy the services and amenities that come with a full office setup, including reception, IT support, security, networking events and more.
Spaces’ new downtown location is expected to be ready for users by late 2019.
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