CBRE brokered the sale of 530 B St., a 24-story office tower in downtown San Diego’s B Street corridor, for $27.5 million to Ambient Communities, a local real estate development company. The property spans 250,000 square feet and was sold at $110 per square foot. CBRE’s team of Matt Carlson, Hunter Rowe, Camille Doan, Matt Pourcho and Anthony DeLorenzo represented the seller while Mickey Morera from Kidder Mathews represented Ambient Communities.
Originally built in 1966 as the Union Bank building before being acquired by U.S. Bank in 2022,the property has faced challenges due to market conditions over recent years with a vacancy rate of around 24% in downtown San Diego during Q3 of2024.However,CBRE launched an aggressive marketing campaign forthe asset.
According to Carlson,”The bidding process for this prime office building was highly competitive.We received interest from various typesof buyers including residential developers,businesses lookingfor new headquarters,and private investors.This ledto16 initial offersand three rounds of intense bidding.”
In summary,the former Union Bank Building has been successfully soldtoa local developerin an extremely competitive market thanks to CBRE’s efforts.
