Sempra’s HQ Scores $30M in Financing
Shapery Enterprises recently secured a loan for its 101 Ash Street property, with the help of financing provider HFF. Shapery controls the borrowing entity, The Gas & Electric Headquarters Building – San Diego, LP, and received $30 million in financing for the property. The team that handled the financing process was led by HFF senior managing director Tim Wright and director Zack Holderman.
By Alex Girda, Associate Editor
Shapery Enterprises has secured $30 million in financing for Sempra Energy’s headquarters in downtown San Diego. Shapery’s affiliate, The Gas & Electric Headquarters Building–San Diego L.P., received the loan for 101 Ash St., a 347,087-square-foot office tower. A team from HFF arranged the financing, led by Tim Wright, a senior managing director, and Zack Holderman, a director at the firm.
Located in the Broadway Corridor, 
101 Ash is near the Civic Center, Little Italy and the Gaslamp District. Interstate 5 is also close by, and the 21-story building offers views of the San Diego Bay, downtown, Coronado Island, Balboa Park and the Pacific Ocean.
The combination of a well-maintained property and a willing sponsorship team enabled HFF to “successfully structure a loan that both addressed the looming lease expiration and the long-term strategic repositioning plan for the asset,” Holderman said in a statement.
Sempra, the parent of San Diego Gas & Electric Co. and Southern California Gas Co., is 101 Ash’s sole tenant. Shapery plans to reposition the property after Sempra’s lease expires in mid-2015.
Image courtesy of Wikipedia via user Nehrams2020
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