Regent Properties Sells San Diego Towers for $104M

February 12, 2026

Investment News Office San Diego More West

The assets previously traded for more than twice that amount.

Aerial view of One and Two Columbia Place at sunset — Rising in San Diego’s CBD, One and Two Columbia Place total more than 700,000 square feet. *Image courtesy of GANMI Corp.*

Golden Columbia, a real estate investment platform sponsored by GANMI Corp., has acquired One & Two Columbia Place, two office buildings in downtown San Diego. Regent Properties sold the Class A assets, according to Yardi Matrix information.

A GANMI spokesperson told Commercial Property Executive that the transaction’s dollar value was $103.5 million, roughly $146 per square foot. The assets previously traded in 2021 for $223.5 million, the same data provider shows.

Completed in 1983 and fully renovated in 2012, One Columbia Place is a 27-story, 556,943-square-foot tower at 401 W. A St. The high-rise features a seven-story atrium lobby, fitness center and spa, as well as conference rooms and EV charging stations.

The 150,680-square-foot Two Columbia Place rises 12 stories at 1230 Columbia St. Completed in 1990, the building has 15,000-square-foot floorplates and includes first-floor retail.

GANMI intends to reposition the properties and transform them into experience-driven workplace destinations. Plans call for the integration of premium food hall concepts, modern amenities and hospitality-level service, in line with the current office space trends. These enhancements are to be implemented in phases.

Meanwhile, a JLL team of Tony Russell, Richard Gonor, Pascal Aubry-Dumand and Ryan Taquino has been retained as the exclusive leasing agents for both buildings. CBRE will serve as property manager.

A possibly paradoxical office market

San Diego’s office market ended 2025 with a sales volume of $1.3 billion, 10th in the nation, according to a recent Yardi Matrix report. Assets changed hands for $260 per square foot on average, way higher than the national average of $192 per square foot.

However, the market is facing rising vacancy rates—23.2 percent as of December, up 270 basis points over the year—which coexist with asking rents that average $45.18 per square foot. And that last figure marked a year-over-year increase of 4.4 percent.

In a recent deal, BH Properties acquired Mission City Corporate Center, a 285,876-square-foot office campus in San Diego, for an undisclosed amount. JLL Capital Markets arranged the deal on behalf of the seller, City Office REIT.