According to the terms of the 10-year lease, BBK will occupy Broadway 655's 16th floor, which encompasses a total of 19,887 sf. The agreement includes two five-year renewal options, according to Lankford & Associates CEO Rob Lankford.
Other firms that have committed to space in Broadway 655 include Peterson & Price, Webcor and Five Star Parking. Law firm Milberg Weiss Bershad Hynes & Lerach LLP will occupy 135,000 sf here, as the project's anchor tenant.
Slated to rise at the corner of Kettner and Broadway, the new development will stand 23 stories high and encompass 410,000 sf at build-out. Design plans call for 356,000 sf of office space on the top 18 floors of the facility, with 16,677 sf of restaurant and retail space, and 765 parking spaces to be located on the lower floors. An adjacent, four-story residential component is also being built.
Construction of Broadway 655 began earlier this year, once Lankford & Associates secured the necessary financing for the project. Arranged by the Buchanan Capital Advisors division of Buchanan Street Partners, the financing includes a $72-million construction loan from U.S. Bank and Wachovia Bank and a $26.4-million investment from National Electric Benefit Fund and Lewis Trust Group Ltd.
"We're bringing Broadway 655 on at the right time," says Lankford, adding that company officials are "very confident about the prospects for the project." Lankford says that the interest in San Diego on the part of the investment community is "quite impressive," explaining that "even before the vacancies started to decrease a little bit, people were paying top dollars for office assets here."
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