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SAN DIEGO-Less than one year after its acquisition of One America Plaza, GE Asset Management has added another high-profile office asset to its Downtown portfolio. The company, along with SENTRE Partners, has recently purchased Koll Center San Diego from a partnership involving a Koll Co. affiliate, Shapell Industries, and Goldrich & Krest.

Now that GE has picked up Koll Center San Diego, its portfolio includes “the two highest-quality office properties in Downtown,” says Robert S. Smith of CB Richard Ellis’ Newport Beach office, in a reference to both Koll Center and One America Plaza. Smith, along with colleague Michael Kane, who is also based in the firm’s Newport Beach office, acted on behalf of seller KCSDI. Smith tells that GE purchased Koll Center because the asset “is complimentary to their current Downtown holdings” and also because company officials “thought it would give them a lot of momentum for class A buildings in the area.”

Located near the waterfront at 501 W. Broadway, Koll Center San Diego encompasses 372,828 sf. Constructed in 1989, the class A, high-rise tower features a seven-level parking structure, a 32-ft glass atrium lobby, an aviary, two saltwater aquariums and an athletic club with a swimming pool. The asset is currently 90% leased to tenants including Ernst & Young, Allen Matkins Leck Gamble & Mallory, and Sheppard Mullin Richter & Hampton. SENTRE Partners will now handle the management and leasing of the facility.

In the recent transaction, SENTRE Partners and GE were represented by Kraig Kristofferson and Nelson Ackerly of CBRE’s local office. Although terms of the deal were not disclosed, industry sources say the Koll Center transaction is valued at more than $88 million.

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