Deal of the Week

 

April 8, 2014

May 21, 2014


Two downtown towers sold

Lynn LaChapelle, Bob Prendergast and Patrick Inglis, of JLL, represented the seller in the Deal of the Week. The buyer was self-represented.

The deal was the sale of two downtown San Diego office towers at 701 B Street and 707 Broadway for $155 million.

The buyer was a unit of New York City-based Emmes Group of Cos.

The seller of both properties were partnerships controlled by the Trizec unit of The Blackstone Group (NYSE: BX).

The 560,329-square-foot 701 B Street building sold for $120 million. The 187,304-square-foot 707 Broadway building was sold for $35 million.

"These buildings were acquired when Blackstone acquired Sam Zell's Equity Office Properties [in late 2006]," said LaChapelle, managing director of capital markets at JLL (NYSE: JLL).

In November 2012, a partnership controlled by Emmes paid $135 million for the 553,715-square-foot 1 Columbia Place building at 401 W. A St.

In August 2013, another Emmes partnership paid $35 million for 2 Columbia Place at 1230 Columbia St.


 

April 8, 2014

May 21, 2014