Former Union Bank Building Trades to San Diego
Former Union Bank Building Trades to San Diego-Based Developer CBRE arranged the sale of 530 B St., a 24-story, 250,000-square-foot office tower located in the B Street corridor of downtown San Diego , for $27.5 million, or $110 per square foot, to Ambient Communities, a San Diego-based real estate development company.
CBRE arranged the sale of 530 B St., a 24-story, 250,000-square-foot office tower located in the B Street corridor of downtown San Diego , for $27.5 million, or $110 per square foot, to Ambient Communities, a San Diego-based real estate development company.
San Diego
Originally built in 1966 as the Union Bank building before being acquired by U.S. Bank in 2022,the property has faced challenges due to market conditions over recent years with a vacancy rate of around 24% in downtown San Diego during Q3 of2024.However,CBRE launched an aggressive marketing campaign forthe asset.
Bolour Associates Inc.'s affiliate, BAI Fund Manager, recently provided a $16.5-million loan for the acquisition of 530 B St. in San Diego's Civic Center submarket. As part of Ambient Communities' purchase of the former Union Bank building , the loan called upon Bolour's ability to quickly underwrite assets and assess multiple business plans while providing certainty to ...
530 B Street
530 B Street (formerly known as the Union Bank of California Building ) is a 27-story, 118.26-metre (388.0 ft) skyscraper in San Diego , California.
This former Union Bank building will be converted into 140 condominium units, and Bolour's quick assessment and underwriting abilities were crucial in providing certainty to the sponsors. The property currently operates as a 250,181-square-foot office building in downtown San Diego but offers flexibility for the new ownership's plans.
Former Union Bank Building Secures Acquisition Loan from Bolour ...
BAI Fund Manager, a subsidiary of Bolour Associates Inc., recently granted a $16.5-million loan for the purchase of 530 B St. in San Diego's Civic Center submarket by Ambient Communities. This former Union Bank building will be converted into 140 condominium units, and Bolour's quick underwriting process and ability to assess multiple business plans played a crucial role in securing the loan.
Completed in 1966, the tower was known as the Union Bank building until U.S. Bank acquired the bank in 2022. Like many office assets in the central business districts, 530 B Street has faced significant challenges in a declining office environment.
Downtown office tower sold to buyer planning to convert vacant floors ...
A local real estate developer plans to turn the 58-year-old office tower it just bought in downtown San Diego's financial district into a mixed-use building with more than 100 residential units.
SAN DIEGO — Ambient Communities, a San Diego-based real estate company, has acquired 530 B Street, a 24-story office tower in downtown San Diego's B Street corridor, from an undisclosed seller ...