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Case Study

JLL closes $155 million sale of two office buildings in San Diego CBD

701 B Street and 707 Broadway San Diego

​After eight years in the strong office market of San Diego, this portfolio—701 B Street and 707 Broadway—was beginning to lose its competitive position in the marketplace. Blackstone and Equity Office Properties engaged JLL to market the assets as a part of a combined offering, with both buildings located within two blocks of each other.

JLL conducted financial modeling and asset valuation, due diligence and property operation analysis before executing a comprehensive marketing campaign. JLL’s International Capital Group supported marketing efforts to over 5,000 domestic and international investors, ensuring maximum coverage. The properties were extremely compelling to buyers, due to its location in the heart of the CBD—in close proximity to a growing, diversified employer base and a roster of high-quality, institutional tenants.

The asset was marketed and underwritten aggressively as a value-add opportunity with 22% vacancy and 50% of the building’s tenant’s leases expiring over the next five years. JLL highlighted multiple value-enhancing strategies and conveyed to investors unique repositioning structures. They also highlighted a low cost basis that would enable the buyer to compete very effectively in renewing and recruiting tenants to the property.

The deal marketing team generated nearly 30 property tours and multiple offers that exceeded the seller’s expectations. Several best-and-final rounds were necessary to give the aggressive buyers opportunities to increase their offer prices and terms. Emmes Asset Management Company LLC purchased the assets for $154.7 million and retained JLL for acquisition financing services.

For more information about this deal or other investment opportunities and services in the San Diego area, please contact Lynn LaChapelle or Bob Prendergast.

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