Iconic San Diego Tower Trades

SAN DIEGO—BBL Commercial Real Estate and Westbrook Partners have acquired Fifth Avenue Financial Center, commonly known as “The Mister A's Building,” located at 2550 Fifth Avenue in San Diego for an undisclosed amount. The iconic tower, which has been owned and operated by the Alessio family since its construction in 1965, is perhaps best known locally as home to the spectacular rooftop view restaurant Bertrand at Mister A's.

“As a native San Diegan, this is an incredibly exciting acquisition since the tower is one of the most recognizable buildings in the city and nearly every long-time resident has a fond memory or story related to it,” said Casey Brown, president of BBL Commercial Real Estate (BBL). “We look forward to positioning the building to once again be a vibrant and exciting destination while embracing and respecting its past.”
The 13-story, approximately 150,000-square-foot tower was built by prominent San Diego businessman, banker, restaurateur and race-track operator John Alessio in 1965. It was the first tower to be constructed in the Bankers Hill (Park West) neighborhood adjacent to Balboa Park and was among just a handful throughout the city at the time. The building has been attentively managed by Bud Alessio since his father's death in 1998 and is 74% leased to a variety of tenants, many of whom have officed there for decades.

“This is a bittersweet moment for me,” said Alessio. “The building is not just a part of our family history, it is a significant part of the city's history. It's time for us to pass the baton, and knowing that Casey and the BBL team have such strong ties to San Diego and truly understand what the building means is very reassuring. We've had many offers from investors over the years, but it was important to us that the building retain its local roots.”

BBL and Westbrook plan a multi-million dollar renovation that will transform the building into an inspiring, amenity-rich class A office and retail environment offering the very best bay and city views in San Diego. The street level will be reinvigorated with a pedestrian orientation, including a modern 5,000-square-foot restaurant, and possibly a café, pub or brewery, and other strategic commercial uses. BBL and Westbrook will announce the architect soon.

“Park West has evolved into an exciting urban neighborhood and our goal is to position the building for the 21st century while preserving the relationship San Diegans have enjoyed with it for so many years,” said Brown. “Most of the renovation work will focus on dramatic interior improvements that will make it a beautiful and engaging place to be, whether you are an office tenant, restaurant patron, nearby resident or out-of-town visitor.”

Bertrand at Mr. A's will remain the anchor restaurant tenant. Cassidy Turley's Andy LaDow, Michael Burton and Danny Fitzgerald will handle marketing efforts for the available office space and planned retail and restaurant space.

“The building is ideally situated in the heart of one of San Diego's most sought-after live and work communities, with million-dollar-plus high rise condos intermixed with single-family residential and traditional apartments,” said Michael Burton, vice president with Cassidy Turley's Urban Strategies Group. “This is a tremendous value-add opportunity – not just for BBL and Westbrook, but for the entire community that will enjoy the building for many decades to come.”

There were no brokers involved in the sale transaction.

BBL Commercial Real Estate, San Diego, specializes in the acquisition, development, ownership and management of quality office and industrial assets throughout Southern California and Arizona. Westbrook Partners is a fully-integrated global real estate investment firm that was founded in 1994 and has offices in New York, Boston, Washington, DC, Palm Beach, San Francisco, Los Angeles, London, Munich, Paris and Tokyo.