Kidder Mathews has facilitated the purchase of 530 B St., a 24-story office tower in downtown San Diego, on behalf of Encinitas-based Ambient Communities. The property was acquired for $27,500,000 at the end of October with EVP Mickey Morera representing the buyer.
Now, SVP and market leader Mary Blagg will oversee management of this iconic building as part of Kidder Mathews’ continued partnership with Ambient Communities. Built in 1966 and spanning over 250,000 square feet, this skyscraper has been a prominent feature in San Diego’s skyline.
At the time of sale it was approximately three-quarters occupied with US Bank as its largest tenant occupying over 77,000 square feet. As part their investment strategy for downtown San Diego’s evolving landscape , Ambient Communities plans to convert much of the office space into residential units.
Blagg expressed excitement about collaborating with Ambient Communities to unlock potential value at this prime location: “Our focus is on enhancing both short-term performance and long-term value as we transition this unique asset.”
