Regent Properties has expanded its office portfolio in San Diego. Through its Regent Opportunity Fund V, the firm spent $420 million on a four-property office portfolio in Downtown San Diego. All four properties are high-rise towers.

The properties in the acquisition include 1 Columbia Place, 701 B Street, 2 Columbia Place and 707 Broadway. The portfolio totals 1.5 million square feet, representing 16% of the total class-A and class-B office space in Downtown San Diego. The previous owners had upgraded the common areas, and Regent plans to continue to implement hospitality-focused upgrades throughout the portfolio. This will include adding fitness and conference centers, eateries, and community gathering places such as outdoor terraces and wine lounges.

While demand for office space has receded during the recession, Regent Properties remains bullish on the market segment. This acquisition was part of a business plan to acquire $2 billion of high-quality office assets in the Sunbelt region in the next two years.