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Wereldhave Adds To San Diego HoldingsAcquires DiamondView for 161M

Wereldhave, the Dutch real estate firm, made a big splash in the San Diego market last year when it paid $210 million to acquire the 23-story downtown office tower at 655 W. Broadway. Last week, it closed on its second major acquisition, buying DiamondView Tower from Cisterra Partners and Prudential Real Estate Investors for $161 million, or about $525 per square foot.

The sale ranks among the three highest prices paid for a downtown office tower on a per-square-foot basis. It also makes Wereldhave the owner of the only two Class A office buildings built in downtown San Diego over the past two decades.

The 15-story, 306,750-square-foot high-rise features 232,800 square feet of office space and 73,950 square feet of retail space. The building is next to the Petco Park, home of the San Diego Padres major league baseball team. The building is 91% occupied with 80% of its tenants holding leases of eight years of longer.

Wereldhave entered the San Diego market last year when it bought Advanced Equities Plaza, a 23-story tower at 655 W. Broadway, for $210 million. The company also own clusters of offices in Dallas and Austin, TX, as well as in the Washington, DC area.

Adam Edwards of Eastdil Secured represented the seller.  Kraig Kristofferson of CB Richard Ellis advised Wereldhave.

Posted by ucview on 12/03 at 11:15 AM
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