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$35M Buys Washington Mutual Tower

SAN DIEGO-The Shidler Group snaps up the high-rise, office asset from Somera Capital Management. Located in downtown San Diego, the 18-story property encompasses 186,977 sf and features an adjacent 12-story parking garage.

By Erin Cassin | Updated on September 29, 2003

SAN DIEGO-In a move to add some downtown San Diego product to its portfolio, locally based investor The Shidler Group has picked up the high-rise Washington Mutual Tower from seller Somera Capital Management in a deal valued at $35 million.

The 18-story asset is located at 707 Broadway in the central business district of downtown San Diego, which The Shidler Group’s company officials see as an extremely desirable location. “The Shidler Group has been looking for an opportunity to invest downtown for quite a while,” says Matt Root, a partner with the firm. “This property allows us to take advantage of the explosive growth taking place, particularly in the vibrant East Village,” he explains, noting that next year’s opening of Petco Park “is expected to serve as an economic catalyst for downtown businesses.”

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