March 4, 2016
Bosa Development acquired 530 B St., a 232,936-square-foot office tower in downtown San Diego from Los Angeles-based Kearny Real Estate for $53.2-million. The San Diego-based developer, which is known for building condo towers, says the 24-story building is a long-term office play.
The building has counted numerous banking companies as occupiers, including Union Bank, Southern California First National Bank, and the First National Bank. A $15-million renovation was completed by Kearny after it acquired the asset for $29-million in 2014.
Improvements included fresh landscaping and new furniture on the third-floor outdoor Sky Terrace deck, as well as updated bathrooms and a redesigned lobby. Kearny increased building occupancy from 50 percent to 78 percent.