Regent Properties Acquires Four-Asset Office Portfolio in Downtown San Diego for $420M
SAN DIEGO — Regent Properties has acquired a portfolio of four office buildings in downtown San Diego for $420 million. The acquisition marks Regent’s first investment via its Regent Opportunity Fund V.
The high-rise properties include 1 Columbia Place, 701 B Street, 2 Columbia Place and 707 Broadway. Totaling 1.5 million square feet, the buildings represent approximately 16 percent of all Class A and B office inventory in downtown San Diego, according to Regent.
The transaction, which equates to $281 per square foot, also includes a parking garage. Privately owned real estate investment adviser Emmes was the seller, according to The San Diego Union-Tribune.
“With this investment, Regent is continuing its push to acquire high-quality office projects across the Sunbelt,” says Eric Fleiss, CEO of Regent. “We are seeking to purchase over $2 billion of assets over the next 24 months.”
Prior to the sale, the seller extensively renovated the portfolio’s common areas, including upgrading the lobbies and outdoor amenities. Regent plans to augment these renovations with additional “hospitality-oriented improvements,” such as new fitness centers, conference centers, eateries and community gathering places like outdoor terraces and wine lounges.
“To successfully attract and retain tenants today, we need to give them a reason to want to be at our projects,” says Matthew Benbassat, COO of Regent. “We are confident our ready-to-lease spec suite program, combined with our curated tenant experiences, will deliver on that promise to our tenants for many years to come.”
Based in Los Angeles, Regent is a real estate development and investment management firm. Following this transaction, the company’s assets under management will total $1.8 billion.
— Kristin Hiller