101 W. Broadway office high-rise sold for $123 million
May 7, 2004
The 20-story, 401,625-square-foot office high-rise at 101 W. Broadway in downtown San Diego 92101, has been sold for $123 million.
The buyers were Broadway 101 Sorrento Holdings LLC (62 percent) and Broadway 101 Stonecrest Holdings LLC (38 percent). FAEC California Holdings LLC is the sole member of both new owners. The new ownership is also affiliated with American Assets Inc., a San Diego-based retail and real estate investment company.
The acquisition was financed with four loans totaling $92.8 million from Morgan Stanley Mortgage Capital Inc.
The seller of the property (assessor's parcel 533-561-08) was San Diego 101 RPF III Limited Liability Co. with SD RPFIII Holding Corp. as its general member. The seller is an affiliation of GE Capital and Sentre Partners.
The building is approximately 95 percent leased with SBC, Morgan Stanley Dean Witter, Washington Mutual Bank, Gordon & Rees LLP, Pillsbury Winthrop LLP, Baker & McKenzie, and federal offices of the probation, marshals, pretrial services, and the U.S. attorney departments.
SBC, which has its name on the building, occupies space under two leases from early 1998: Pacific Telesis Group with 7,850 square feet for 96 months and $1,417,710, full service; and Pacific Bell with 19,511 square feet for 72 months and $2,090,408, full service.
In the fall of 1999, Frontier Insurance Group leased 19,511 square feet for 90 months at $3,167,199, full service.
The building was formerly the regional headquarters for Wells Fargo Bank. General Electric's pension trust and Sentre Partners acquired 101 W. Broadway and the 22- story, 330,000-square-foot Home Savings Tower at 225 Broadway in 1996 for a total of approximately $72 million.