BOSA Purchases Downtown Office Tower For $53.2M
Canada-based Bosa Development has purchased FIVE THIRTY B, a 234k SF office building at 530 B St, from LA-based Kearny Real Estate Co for $53.2M. This was the largest real estate transaction in Downtown in the last 12 months, Kearny reports.
Kearny purchased the 24-story office tower in January 2014, rebranded it and invested $15M in a renovation. During its ownership, occupancy increased from 50% to 78%, which included new tenants Lewis PR, NCRC Mediation, Nyhart and Smash Lab.
The renovation repositioned the former Union Bank headquarters to appeal to both traditional and creative office users seeking a unique urban work environment. Improvements included new restrooms, a redesigned lobby with artwork by well-known sculptor Matt Devine, and a completely refurbished conference center.
The most dramatic element of the renovation was the transformation of an underutilized patio into a $1M, 15k SF award-winning Sky Terrace that wraps around the building on the third floor. The collaborative outdoor meeting space and roof garden, which took top honors in the San Diego chapter of the California Landscape Contractors Association’s Beautification Awards, includes a fire pit, walking paths, multiple gathering places, private seating areas and a 30’ x 105’ mural designed by local artist Maxx Moses.