Buyer ET Corp. has acquired the 186,494-sf asset from Dayton, OH-based Broadway JDS Inc. in a 1031 exchange transaction. Located at 625 Broadway, the class C office facility encompasses three-quarters of a Downtown city block. Constructed in 1927 as the first Bank of America building, the property was acquired by Home Federal Bank in the early 1980s. Home Federal Bank extensively rehabbed the 14-story asset in 1983, pouring $13 million into upgrades. At the time of its recent sale to ET Corp., the JDS building was 80% occupied by tenants such as San Diego County and On Broadway Events Center.

In the recent transaction, both parties were represented by investment specialist Ben Tashakorian of the San Diego office of Marcus & Millichap Real Estate Investment Brokerage Co. Tashakorian notes, "The value generated in this sale demonstrates the strength of the San Diego office market." He adds that investors nationwide are looking to buy up San Diego product as a way to "escape the instability of the tech-heavy and more volatile markets."