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600 B St. office tower in downtown SD sold

The 24-story, 359,218 square-foot office building at 600 B St., downtown San Diego 92101, has been sold for $49 million.

The buyer was AG-LO 600B Owner L.P., with AG-LO 600B L.L.C. as general partner, c/o Angelo Gordon & Co. L.P., 2000 Avenue of the Stars, Suite 1020, Los Angeles 90067.

The ownership is a joint venture of Angelo, Gordon and Lincoln Property Company.

The acquisition was financed with a loan of $40.25 million from SPT CA Fundings LLC, of Greenwich, Conn.

The seller of the property (assessor's parcels 534-054-03, 07, 08 and 09) was Nomura CDO 2007-2-600 B Street LLC, with C-111 Asset Management LLC as the manager.

The building is 85 percent occupied. Key tenants include the city of San Diego, Bridgepoint Education (NYSE: BPI) and several law firms. One of those law firms, Robbins Umeda LLP, in early 2009 leased 29,014 square feet of on the 18th and 19th floors. The 10-year lease was valued at $9 million.

The building was constructed in 1974 on a 60,000-square-foot block, with approximately 20,000 square feet ground leased. The building underwent renovations in 1996 and is Energy Star compliant (see story).

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