EMMES Recaps 1 Columbia In Big Vote of Lender Confidence
Mesa West has issued a vote of confidence to the EMMES Group for its handling of 1 Columbia Place. A $130M vote of confidence.
The commercial real estate debt provider issued its first loan—and one of its single largest ones—this year to EMMES to recap the 556k SF Downtown San Diego office tower in a five-year, non-recourse loan that will retire an older CMBS loan the landlord assumed when it bought the 27-story tower in 2012. “We're big believers in this part of Downtown San Diego,” says Mesa West's Jason Bressler. “There's certainly a lot of momentum in this part of downtown.”
EMMES has been undergoing a $20M renovation program that will include renaming the tower, at 401 West A St, Columbia Center. And while the tower is only 80% leased, Jason says Mesa West was encouraged that the vacancy there is mainly in top floor spaces with prime views of the San Diego skyline. Also, its proximity to Little Italy gives 1 Columbia mojo among tenants, he says. Pacific Western Bank and the US Department of State are among its larger tenants.