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SAN DIEGO-The Paramount Group Inc. of New York City has acquired the 27-story First National Bank Center at 401 W. A St. in the city’s Central Business District. Terms of the sale were undisclosed, but the asset sold for $112 million two years ago when New York City-based DRA Advisors/Landmark Asset Management Group bought the 547,000-sf building from USAA Realty.

The First National Bank Center is one of the largest and most recognizable office buildings in Downtown San Diego, known for its glass reflective exterior and architect C.W. Kim’s stepped building design. The class A office tower was built in 1982 and underwent a $10.5-million capital improvement program in 1993 that upgraded six-story atrium lobby and other common areas.

The property is the first San Diego acquisition for the Paramount Group Real Estate Fund II and also its latest acquisition in starting its third real estate investment fund.Tenants at the 401 building include First National Bank, PeopleFirst Finance, Intergulf Development, Star Systems Inc., Mulvaney, Kahan & Barry, the GSA and Higgs, Fletcher & Mack.

In addition to the office space, the project includes a three-level 508-space parking garage below grade, along with retail services including a restaurant and deli, retail shops, a tailor, shower and locker facilities and a conference center.

Paramount sought the building to complement its portfolio of CBD-located class A office properties, according to Albert Behler, the buyer’s group president and CEO. Including its new acquisition, privately held Paramount, which was established in 1968, owns approximately 10 million sf of class A office buildings in midtown and downtown Manhattan as well as in Washington, DC.

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