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Sold Again: San Francisco Firm Buys Downtown’s Five Thirty B for $57.7M

San Francisco-based Swift Real Estate Partners has purchased the Five Thirty B office tower in downtown San Diego for $57.7 million, according to CoStar Group and public data. This marks the third time the 1960s-vintage property has changed hands since early 2014.

The seller of the 24-story property, at 530 B St. in downtown’s central business district, was Vancouver, B.C.-based Bosa Development, which has regional operations in San Diego.

This is the third time that the tower, built in 1966 and also known locally as the Union Bank building, has changed owners in the past three years. Bosa acquired the property in February 2016 from Kearny Real Estate Co. of Los Angeles for $53.2 million.

Kearny, which has a San Diego office, bought the building in January 2014 from Union Bank of California for $29 million, then completed a $15 million renovation that included overhauling and filling nine floors that were empty at the time of its acquisition.

CoStar data indicates that the building was approximately 88 percent occupied at the time of the latest sale by 44 tenants, including several law and financial services firms. Union Bank occupies the ground floor and space on several upper floors of the tower, which remained the tallest building in San Diego for more than 20 years after its original construction.

In the latest deal, which closed on Aug. 23, the seller was represented by Louay Alsadek and Hunter Rowe of CBRE Group Inc.

“With downtown San Diego experiencing its highest historical net absorption in 2016 and a significant decrease in vacancy, combined with continued growth of the downtown population, the Five Thirty B offering attracted significant interest from investors, which created a highly competitive environment,” Alsadek said in a CBRE statement that did not disclose the price.

Bosa Development, led by Nat Bosa, has built and acquired several types of properties, primarily in major West Coast cities, but is best known locally as the developer of several residential condo towers in downtown San Diego during the past two decades.

Swift Real Estate Partners was founded in 2010 and has regional offices in Orange County, Silicon Valley and Portland, Ore. In the local market, Swift’s big recent deals have included its $69 million acquisition of the former HP Inc. office campus in Rancho Bernardo in November 2016; it has since invested $16 million in campus upgrades including a new central utilities plant.

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