Good Time to Sell Downtown Office
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Douglas Wilson Cos managing director Nich Wilson was happy to share some pictures of his recent wedding (congrats!), which took place high atop the 1620 Fifth Ave parking garage in Downtown San Diego. But he had another reason to celebrate: his company's sale of the building. (As long as there's cake, who cares the occasion?)
Nich, right, with CEO Douglas Wilson. Following renovation and lease-up, DWC sold the 80k SF 1620 Fifth Ave, including the six-level parking structure, to Bosa Development for $18.5M. The time was right, Nich says, because there’s only a small supply of office asserts for sale in Downtown. Given that the building is 95% leased "we felt now was the right time to take it to market," he says. “We’re thrilled with the end result.”
Built in 1985 as HQ for the Driver Insurance Co, the building was 35% occupied when DWC bought it in 2010. They renovated with an eye toward creative companies, such as marketing and architecture firms, Nich says.
The top of the garage clearly makes a good venue for events (new owners, take note). DWC will remain an occupant in the building.