{"id":1004089514,"date":"2014-01-10T07:02:21","date_gmt":"2014-01-10T15:02:21","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004089514"},"modified":"2022-12-09T00:49:24","modified_gmt":"2022-12-09T08:49:24","slug":"kearny-real-estate-grabs-232-ksf-downtown-san-diego-high-rise","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/kearny-real-estate-grabs-232-ksf-downtown-san-diego-high-rise\/","title":{"rendered":"Kearny Real Estate Grabs 232 KSF Downtown San Diego High-Rise"},"content":{"rendered":"<p><i>By Keith Loria, Contributing Editor<\/i><\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/01\/KEARNY1.png\"><img decoding=\"async\" data-attachment-id=\"1004089519\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/kearny-real-estate-grabs-232-ksf-downtown-san-diego-high-rise\/kearny-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/01\/KEARNY1.png\" data-orig-size=\"480,800\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"KEARNY\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/01\/KEARNY1.png?w=480\" loading=\"lazy\" class=\"alignleft size-medium wp-image-1004089519\" alt=\"KEARNY\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/01\/KEARNY1.png\" width=\"180\" height=\"300\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/01\/KEARNY1.png 480w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/01\/KEARNY1.png?resize=180,300 180w\" sizes=\"auto, (max-width: 180px) 100vw, 180px\" \/><\/a>Kearny Real Estate Co. has acquired the Union Bank Building, a 232,098-square-foot office building at 530 B St. in downtown San Diego from Union Bank N.A.<\/p>\n<p>Union Bank will continue to occupy a major portion of the LEED Gold Certified office building through a new long-term lease and will retain building top signage, however, Kearny will rebrand the building as 530 B.<\/p>\n<p>\u201cIt\u2019s perfect for what we do. This is a value-add play for us,\u201d John Bragg, a partner at Kearny, who heads the firm\u2019s San Diego office, told <i>Commercial Property Executive<\/i>. \u201cWe\u2019re going to fix it up and try to lure tenants in a market that we believe is going to grow.\u201d<\/p>\n<p>Originally constructed in 1966 and renovated in 1992, the Union Bank Building had stood as the tallest building in San Diego for more than 20 years. Characterized by its floor-to-ceiling windows, every floor offers 360-degree views of the San Diego Bay, Pacific Ocean and Balboa Park.<\/p>\n<p>Kearny\u2019s San Diego office has been a tenant of the building since 2010, and Bragg said he was interested in buying the property before it even went on sale.<\/p>\n<p>\u201cIt\u2019s classic \u201960 architectural design,\u201d he added. \u201cWe like where it is and we like what it is. We like the dynamic of the 24\/7 aspect of the city, and we like that all the best floors in the building (the high ones) are empty.\u201d<\/p>\n<p>Kearny will undertake a $15 million capital improvement program that will include a significant overhaul of the building\u2019s restrooms, updating the common areas with new colors and upgrading a new indoor\/outdoor experience of a previously under-utilized 12,000 square-foot patio.<\/p>\n<p>\u201cThis patio is one of the reasons we bought this iconic building.\u00a0It gives us the opportunity to create a wonderful indoor\/outdoor experience for our tenants,\u201d Bragg said. \u201cSan Diego is nice most times of the year, and this is a private terrace that we\u2019ll put some nice furnishing in and Wi-Fi and if you\u2019re in the building, you can go out and enjoy.\u201d<\/p>\n<p>Located in what is considered the old part of San Diego, close to the Civic Center, the Union Bank Building was 57 percent leased at the time of the sale, including tenants such as the San Diego Economic Development Corporation, Peterson Price, Messner Smith and Peterson &amp; Associates.<\/p>\n<p>According to Bragg, businesses occupying 10,000 square feet or less make up approximately 85 percent of the office space in downtown San Diego and he feels that because the building offers 9,250 square-foot floor plates, it provides unique full-floor opportunities for the mid-size tenants that dominate the downtown market.<\/p>\n<p>Louay Alsadek and Evan August of CBRE represented Union Bank in the transaction. Ryan Grant, Andrew Taylor and Jim Rinehart of CBRE were retained as leasing agents.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Kearny Real Estate Co. has acquired the Union Bank Building, a 232,098-square-foot office building at 530 B St. in downtown San Diego, from Union Bank N.A.<\/p>\n","protected":false},"author":451,"featured_media":1004089519,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,21742,21747,1608,15],"tags":[],"class_list":["post-1004089514","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-latest","category-office","category-san-diego","category-west"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Kearny Real Estate Grabs 232 KSF Downtown San Diego High-Rise - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/kearny-real-estate-grabs-232-ksf-downtown-san-diego-high-rise\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Kearny Real Estate Grabs 232 KSF Downtown San Diego High-Rise\" \/>\n<meta property=\"og:description\" content=\"Kearny Real Estate Co. has acquired the Union Bank Building, a 232,098-square-foot office building at 530 B St. in downtown San Diego, from Union Bank N.A.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/kearny-real-estate-grabs-232-ksf-downtown-san-diego-high-rise\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2014-01-10T15:02:21+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T08:49:24+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/01\/KEARNY1.png\" \/>\n\t<meta property=\"og:image:width\" content=\"480\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Keith Loria\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/kearny-real-estate-grabs-232-ksf-downtown-san-diego-high-rise\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/kearny-real-estate-grabs-232-ksf-downtown-san-diego-high-rise\/\",\"name\":\"Kearny Real Estate Grabs 232 KSF Downtown San Diego High-Rise - 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