Search
 

Downtown Office Building Fetches $20.5M

SAN DIEGO-In the latest sign of Downtown San Diego's status as the darling of the county, an investor picks up the 186,494-sf JDS office building in a 1031 exchange transaction.

By Erin Cassin | Updated on February 12, 2003

SAN DIEGO-In the latest signal of Downtown San Diego’s growing status as the darling of the county, a La Jolla-based investor has shelled out $20.5 million for Broadway’s JDS office building and 420-space separate parking structure.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.