When it opened in 1989, Symphony Towers was the tallest building in San Diego. Now, the iconic 34-story tower has set a benchmark for plummeting office values.
The Irvine Company this week sold the 546K SF tower at 750 B Street for $45.7M. The deal, valued at about $84 per SF, is nearly 70% less than the $134M the company paid when it bought the property in 2003, the San Diego Union-Tribune reported.
At the time of the sale, Symphony Towers was 75% leased, according to CoStar data. The downtown landmark, which also is the home of the San Diego Symphony, was purchased by Formosa, Ltd., a Taiwan-based international conglomerate.
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