{"id":1004138960,"date":"2016-03-10T04:47:07","date_gmt":"2016-03-10T12:47:07","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004138960"},"modified":"2022-03-04T10:54:42","modified_gmt":"2022-03-04T18:54:42","slug":"kearny-real-estate-sells-trophy-office-building-to-bosa-development","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/kearny-real-estate-sells-trophy-office-building-to-bosa-development\/","title":{"rendered":"Kearny Real Estate Sells Trophy Office Building to Bosa Development"},"content":{"rendered":"

By Robert Demeter<\/em><\/p>\n

\"Five<\/a>

Five Thirty B Office Building, San Diego<\/em><\/p><\/div>\n

San Diego<\/strong>\u2013Kearny Real Estate Co.<\/a>\u00a0has recently sold\u00a0the 232,936-square-foot Five Thirty B<\/a>\u00a0office building located at 530 B St. in San Diego\u00a0to Bosa Development<\/a> for $53.2 million. Louay Alsadek, Andrew Taylor and Hunter Rowe of CBRE<\/a>\u2019s local\u00a0office represented both parties in the transaction.\u00a0The deal is recorded as one of the largest real estate transactions in downtown San Diego in the last 12 months.<\/p>\n

The 24-story high-rise\u00a0was bought in January 2014<\/a> by Kearny for $29 million from Union Bank of California, a subsidiary of Bank of Tokyo. Following the sale, the business plan was to reposition the former Union Bank headquarters to appeal to both Baby Boomer and Generation X office tenants as well as to the recent influx of millennial influenced businesses. After the acquisition, Kearny rebranded the building as Five Thirty B and embarked on a\u00a0$15 million renovation project that included a redesigned lobby and refurbished conference center with new state of the art audio and visual equipment.<\/p>\n

One of the key elements of the renovation was the transformation of an underutilized patio into a 15,000-square-foot Sky Terrace that surrounds the building on the third floor. Created by Kearny at a cost of $1 million, it became one of the largest tenant amenities of its kind in downtown San Diego. The shared outdoor meeting space and roof garden features walking paths, lush planting, multiple gathering places, private seating areas as well as a fire pit and an authentic mural designed by local artist Maxx Moses.<\/p>\n

\"Sky<\/a>

Sky Terrace, Five Thirty B<\/em><\/p><\/div>\n

At the time of the purchase the property was 50 percent leased, and in the two years under Kearny\u2019s ownership the occupancy rate increased to 78 percent. Current tenants include Lewis PR, NCRC Mediation, Nyhart and Smash Lab, LLC.<\/p>\n

\u201cThrough thoughtful renovations and aggressive leasing programs, we were able to meet our five-year objectives in just over two years, and exit the investment knowing that we\u2019ve created strong momentum for the new owners,\u201d said Kearny Real Estate Partner John Bragg in prepared remarks.<\/p>\n

\u201cDowntown San Diego is becoming one of the most attractive markets for real estate investment on the West Coast,\u201d said in a statement Jeff Givens, Kearny Real Estate\u2019s VP. \u201cAs with Five Thirty B, Kearny Real Estate will continue to seek unique projects where we can breathe life and energy into the property and deliver our creative vision.\u201d<\/p>\n

Kearny Real Estate is in the process of\u00a0redeveloping the previous Mission Center Office Park, a 183,692-square-foot low-rise office campus in Mission Valley acquired in 2015. The center will be upgraded with new building entries, lobbies and re-designed atriums.<\/p>\n

Los Angeles-based Kearny Real Estate Co. is a partnership of experienced real estate professionals active in the acquisition, entitlement, development, repositioning, leasing and management fields.<\/p>\n

Image courtesy of\u00a0Kearny Real Estate Co.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Bosa Development acquired the Five Thirty B office building in downtown San Diego for $53.2 million from Kearny Real Estate Co.<\/p>\n","protected":false},"author":59,"featured_media":1004138968,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21825,21783,21742,21747,1608,15],"tags":[],"class_list":["post-1004138960","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-finance","category-investment","category-latest","category-office","category-san-diego","category-west"],"acf":[],"yoast_head":"\nKearny Real Estate Sells Trophy Office Building to Bosa Development - 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-sells-trophy-office-building-to-bosa-development\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Kearny Real Estate Sells Trophy Office Building to Bosa Development\" \/>\n<meta property=\"og:description\" content=\"Bosa Development acquired the Five Thirty B office building in downtown San Diego for $53.2 million from Kearny Real Estate Co.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/kearny-real-estate-sells-trophy-office-building-to-bosa-development\/\" \/>\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=\"2016-03-10T12:47:07+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-03-04T18:54:42+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/03\/FIVE-THIRTY-B.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"799\" \/>\n\t<meta property=\"og:image:height\" content=\"1332\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Robert Demeter\" \/>\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-sells-trophy-office-building-to-bosa-development\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/kearny-real-estate-sells-trophy-office-building-to-bosa-development\/\",\"name\":\"Kearny Real Estate Sells Trophy Office Building to Bosa Development - 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