News release

Alaska Permanent Fund begins renovation of San Diego building

JLL to oversee leasing and construction management of Five50West renovation with Gensler serving as the architect

June 12, 2023

Jessica Wozniak

Agency Leasing and Markets PR
+1 312 523 9994

SAN DIEGO, CALIF., July 12, 2023 – Committed to attracting premier companies, JLL announced today that Alaska Permanent Fund Corporation (APFC) has started construction on the $13.4 Million renovation of Five50West, a 20-story, 362,822-square-foot office building located at 550 West C Street in downtown San Diego. A San Diego landmark and symbol of office grandeur, Five50West is best known for its open concept first floor lobby that seamlessly connects to the expansive outdoor concourse.

Five50West is now a hive of activity as it undergoes a comprehensive remodel that was designed by Gensler with construction oversite provided by JLL’s PDS team. Inside, the first floor lobby will be infused with hospitality conveniences using modern finishes that will create an atmosphere of sophistication and innovation. These finishes will carry through to the upper floors offering vibrant and inspiring workspaces and stunning waterfront and city views that will attract top talent. The state-of-the-art, fitness and wellness center, with anticipated completion of November 2023, will feature the finest cardio, exercise, circuit-training and strength-extension equipment, towel service, and spa like shower and locker facilities to encourage a healthier lifestyle for the building’s occupants. The increased capacity conference center will support larger meetings as well as include social media sound rooms. Outside, Five50West is being adorned with new features to enhance the tenant experience. The expanded concourse will offer a serene escape from the hustle and bustle complete with comfortable seating areas, collaborative outdoor workspaces and an open concept café. Other enhancements underway include a tenant lounge, enriched exterior landscape and LED lighting program, and improved parking garage and way finding signage throughout the project. Completion of the full renovation is anticipated for Q12024.

“As the dust settles and the construction nears completion, the transformed Five50West will stand as a symbol of modernity and luxury, attracting top-tier tenants and revitalizing the downtown landscape. The investment in Five50West is testament to APC’s commitment to San Diego as well as San Diego’s desirability as a premier market nationally for employers in all sectors.” Steve Adams, Senior Portfolio Manager at APFC.

Five50West is ideally located in the heart of downtown San Diego with panoramic views of San Diego Bay, San Diego International Airport and Balboa Park. It is adjacent to the Santa Fe Depot (Amtrak, Coaster & Trolley), providing immediate access to neighbouring communities and is walking distance to the San Diego Bay, County and Federal Courthouses, Little Italy and other retail amenities.

Leading the office leasing at Five50West are JLL’s Richard Gonor, Tony Russell and Bess Wakeman. Five50West can accommodate a wide range of users from 2,000 to 100,000 square feet. 

“Downtown remains one of the most desirable office markets in San Diego with its vibrant energy, walkable amenities and a live-work-play lifestyle,” said Richard Gonor, JLL Executive Vice President. “The downtown market is evolving and so is Five50West. It will now provide everything today’s employees require from a dynamic workplace – amplified amenities, food & beverage offerings, outdoor collaborative spaces, convenient location, and a safe environment.”

About JLL

For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit