6/28/2007

Dutch firm pays record sq. foot price for San Diego highrise

by

Broadway 655

Wereldhave, a real estate investment firm based in the Netherlands, paid $210 million for the 381,043 sq. foot Broadway 655 highrise building in San Diego on June 28.

The seller, Lankford and Associates, retained a small ownership stake in the tower and will continue to manage and lease the building that is currently 20 percent vacant.

The $550 per sq. foot price is believed to be the highest ever paid on a sq. foot basis for an office tower in downtown San Diego.

The 23-story office highrise, also known as Advanced Equities Plaza, was built by Lankford in 2005.

Wereldhave was represented by Bill Palmer of The Palmer Team and Kraig Kristofferson of CB Richard Ellis.

Wereldhave is a leading independent property company with an internationally diversified real estate portfolio in Europe and the United States. The purchase, which included 12 apartments near the office tower, marks their entrance into the West Coast office market. They also own properties in Dallas and Austin, Texas, as well as the Washington, D.C. area.

San Diego-based Lankford was founded in 1982 and acquires, develops, and manages commercial property in Southern California.

Address: 655 W. Broadway, San Diego, Calif.

Size: 381,043 sq. feet

Built: 2005

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Filed Under: Office

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