Located at the corner of West Ash and India streets, the 19-story tower is the sixth Downtown high rise in the city to change hands this year. In the transaction, Maier Siebel Baber sold the property to Glenborough Realty Trust.
Burnham Real Estate's Lynn LaChapelle and John Casey represented the seller. It's the sixth property sold by Baber, in which LaChapelle and Casey have been the brokers of record. Burnham also manages and leases these local assets.
"This sale reflects the continued strength of the San Diego County office investment market," says LaChapelle. "Since Jan. 1, 2002, investors have funneled nearly $2 billion into San Diego County office acquisitions alone, a substantial portion of which has been directed to the central submarkets of Downtown, Mission Valley and Kearny Mesa because of their premiere locations and stability of their tenant bases."
The sale of the West Ash building continues a trend that kicked off in September 2002. Since that time, Downtown counts $480.5 million in large office deals. In addition to 610 West Ash St., these include One America Plaza ($166.3 million); Symphony Towers ($134.3 million); First National Bank Center ($111.5 million); Koll Center ($95 million); 110 Plaza ($55 million); Bank of America building ($20.5 million); and the Chamber Building ($20.2 million).
"Positive economic indicators, local job growth, and our quality of life continue to attract both regional and national investors to San Diego properties," says Burnham's Casey. "With the current availability of capital and low interest rates, unleveraged internal rates of returns for core assets are in the 9% to 10% range, and for core-plus assets are in the 10.5% to 11.5% range."
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