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| 101 Ash Street, Downtown San Diego, CA |
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| Tim Wright |
SAN DIEGO, CA – HFF
announced today that it has arranged $30 million in financing for 101 Ash, a
347,087-square-foot office tower with subterranean parking in downtown San
Diego, California.
HFF
worked on behalf of the borrower, The Gas & Electric Headquarters Building
– San Diego, LP, an entity controlled by Shapery Enterprises, to secure the
loan.
101
Ash Street is located in the heart of downtown San Diego in the Broadway
Corridor. The property is adjacent to
the Civic Center and is currently within walking distance to the bay front,
Little Italy and the Gaslamp District.
It is approximately three blocks from the on and off ramps for
Interstate 5.
The asset offers
views of the San Diego Bay, downtown, Coronado Island, Balboa Park and the
Pacific Ocean.
Currently one hundred
percent leased to Sempra Energy, the 21-story building will be repositioned at
the expiration of Sempra’s lease mid-year.
The HFF team representing the borrower was led by senior
managing director Tim Wright and director Zack Holderman.
“Working with a forward-thinking sponsorship team and being
able to market a well-maintained office asset such as the 101 building enabled
us to successfully structure a loan that both addressed the looming lease
expiration and the long-term strategic repositioning plan for the asset,”
Holderman said.
For a complete
copy of the company’s news release, please contact:
Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com
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