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CBD Tower Brings $50M

SAN DIEGO-Los Angeles-based Jamison Properties Inc. acquires Executive Complex for $50.4 million. The property is a 25-story, 324,000-sf Downtown office building.

By Daniel D. Williams | Updated on February 07, 2006

SAN DIEGO-The latest industry reports reveal a surging office market and a community bullish on its prospects, as investors are picking up properties as soon as they hit the market. The latest property to trade hands is Downtown’s Executive Complex, a 324,000-sf office tower.In the deal, Los Angeles-based investment and management company Jamison Properties Inc. paid Chicago-based Jupiter Realty Corp. $50.4 million for the 25-story building, which is located at 1010 Second Ave., near Broadway and First.Built in 1963, the property was once the tallest building in the Downtown area and it remains among the city’s top five. Executive Complex was 95% leased at the time of sale and counts 39 tenants.Among the tenants are many of the area’s top attorneys and law firms including Jack Phillips; Neil, Dymott, Frank, Harrison & McFall; Cortez & Johnson; Trovillion, Inveiss & Ponticello; and Nugent, Weinman, Abbene, Alcock & Wolfe. Other tenants include the City of San Diego, CardioNet and HMC Group Architects.Kevin Shannon of Grubb & Ellis Co.’s Los Angeles South Bay office and Louay Alsadek of Grubb & Ellis

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