Shane Astani, a partner at Lambert Smith Hampton, tells GlobeSt.com that the company is considering a conversion of the property to apartments, which would fit with the City of Pomona's efforts to introduce more housing into the Downtown area. "We haven't completed our feasibility study yet, so we can't say whether it would be economically feasible to convert the building," Astani tells GlobeSt.com. If Lambert Smith ultimately does decide on a conversion, he adds, it would be to apartments rather than condominiums because the building does not lend itself to a condo conversion. He says the city would probably look favorably on a conversion because Pomona has been promoting housing and mixed-use in areas like the recently completed Mission Promenade project.

The building that Lambert Smith acquired is occupied primarily by healthcare related tenants, including Pomona Hospital, and is the tallest building in Downtown Pomona, Astani points out. The Denver investment company bought it in June of 1993 for less than $2 million, Astani says, but even at a price of $7.5 million, the property was a bargain.

Although Lambert Smith typically invests in and develops multifamily properties as opposed to office buildings, the deal looked very good to the company because the $7.5 million price works out to such a low price per sf. "At $58 per square foot, it's well below replacement cost," Astani says.

Brad Bolduc and Anthony Naticchioni of Ashwill Associates represented both buyer and seller in Lambert Smith's acquisition of the office building.