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Another Big Downtown Deal: 600 B Tower Sells for $109.5 Million

New York City-based Rockwood Capital LLC has acquired the downtown San Diego office tower at 600 B St. for $109.5 million, according to real estate services firm Holliday Fenoglio Fowler LP (HFF).

The 24-story building is approximately 90 percent leased to 33 tenants, including San Diego Union-Tribune, Mitek Systems Inc., the design firm Ware Malcomb, co-work space operator WeWork and the law firm Robbins Arroyo LP. The seller of the tower was a partnership between Dallas-based Lincoln Property Co. and New York-based Angelo, Gordon & Co.

The deal comes less than a week following the $57.7 million purchase of the nearby Five Thirty B office tower by San Francisco-based Swift Real Estate Partners. It was acquired from Bosa Development.

In the latest deal, the seller was represented by an HFF team that included Nick Psyllos, Nick Frasco, Ryan Gallagher, Taylor Bergthold and Kara Mathis. An HFF team including Aldon Cole arranged $81.2 million in acquisition financing for the buyer, which acquired the 600 B St. property free and clear of existing debt.

According to CoStar Group, the 600 B St. tower was built in 1974, subsequently renovated, and acquired in late 2012 by Lincoln Property and Angelo, Gordon for $49 million.

Those owners subsequently invested in further renovations and added several new tenants, including the Union-Tribune newspaper, which moved into the building last year as it relocated from Mission Valley. The building currently carries the Union-Tribune name on its exterior.

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