"We have been looking for a great opportunity to acquire a key asset in this market," says Michael Barker, managing director for Barker Pacific Group. "The Chamber Building fit our portfolio profile, and we felt there was good value in the price."

Constructed in 1963, the facility is called The Chamber Building because the San Diego Chamber of Commerce was headquartered here until 1990. Encompassing 173,682 sf, the 23-story property stands on the corner of First Avenue and C Street. Located just one block from the San Diego County Courthouse and City Hall, the facility houses a number of law firms, as well as professional and legal service businesses. It is currently more than 90% occupied.

Recently renovated, The Chamber Building was honored by the Building Owners and Managers Association as the Renovated Office Building of the Year in 2002. It also won BOMA's Office Building of the Year Award in 2000. Barker Pacific Group, which will manage the property, plans to further upgrade the building with additional cosmetic improvements and the latest in energy efficient mechanical systems.

The buyer was represented by Tim Cowden and John Shelton of Colliers International, who will serve as the exclusive leasing agents for the building. Don Mitchell and Brian Klepacki of CB Richard Ellis acted on behalf of the seller.