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SAN DIEGO-In another major office transaction for Downtown San Diego, 600 B St. is acquired by Legacy Partners for $95.5 million. Purchased from Santa Ana-based Triple Net Properties, the 383,000-sf office tower was 98% leased at the time of sale.

Built in 1974, 600 B St. underwent a major overhaul ten years ago. Improvements included a rehab of the interior and exterior of the building, as well as a new lobby and elevator.

The City of San Diego leases approximately 50% of 600 B St. Comerica Bank occupies the ground and second floors, along with signage on the top of the building.

Louay Alsadek, Frank Wright, Andy La Dow and Scott Diggs of Grubb & Ellis ?BRE Commercial along with Kevin Shannon of CB Richard Ellis represented both the buyer and seller in the transaction.

According to a recent market report issued by Cushman & Wakefield, San Diego’s office market is strengthening. The local market currently has a direct vacancy rate of 7.8%, the lowest it has been in four years. The average asking rental rates for class A space increased to $2.92 per sf, up $0.03 from last quarter.

This year has seen a flurry of activity for the Downtown office market, including GE Capital’s $4.8 billion acquisition of Arden Realty, which included San Diego properties. Newport Beach-based The Irvine Co. has also gotten in on the action, scooping up multiple Downtown trophy sites.

Last year GlobeSt.com reported that Foster City, CA-based Legacy Partners closed its first value office fund for $330 million. The company was looking to invest approximately $250 million in office and R&D properties throughout the Western United States. Legacy Partners manages 13 million sf portfolio valued at $2.4 billion.

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