SAN DIEGO—The Gas & Electric Headquarters Building—San Diego LP, an entity controlled by Shapery Enterprises, has secured $30 million in financing for 101 Ash St., a 21-story office tower located in the Broadway Corridor of Downtown San Diego. The loan will go toward repositioning of the 347,087-square-foot tower after the lease of its sole tenant, Sempra Energy, expires mid-year.

The HFF team of senior managing director Tim Wright and director Zack Holderman worked on behalf of the borrower to secure the loan. “Working with a forward-thinking sponsorship team and being able to market a well-maintained office asset such as the 101 building enabled us to successfully structure a loan that both addressed the looming lease expiration and the long-term strategic repositioning plan for the asset,” says Holderman.

101 Ash St., approximately three blocks from the on and off ramps for I-5, is adjacent to the Civic Center and is within walking distance to the Bayfront, Little Italy and the Gaslamp District. The property offers views of San Diego Bay, Downtown, Coronado Island, Balboa Park and the Pacific Ocean. Sempra Energy currently occupies 100% of the property.

GlobeSt.com was unable to reach the parties involved before deadline to discuss the details of the repositioning and the owner's plans for the building after renovations are completed.

As GlobeSt.com reported last week, San Diego is finally beginning to embrace the creative-office trend, Parallel Capital Partners' CEO Matt Root told GlobeSt.com exclusively. We spoke with Root following the recently completed $22-million sales of One Technology Place—a 10-building, 152,730-square-foot office complex on 11.76 acres at 10905-10949 Technology Place in the Rancho Bernardo submarket here—about the strength of the creative-office trend in this market and lender appetite for this type of space.