SAN DIEGO--(BUSINESS WIRE)--Following a successful renovation and lease-up, Douglas Wilson Companies (“DWC”) has sold its downtown San Diego headquarters building at 1620 Fifth Ave. to Bosa Development for $18.5 million.
Thomas Olson and Alan Scott of Douglas Wilson Companies and Doug Ceresia and Josh Buchholz of NAI San Diego represented the sellers and Bosa represented itself.
Currently 95 percent occupied, the 80,651-square-foot, nine-story office building includes a six-level parking structure with 212 spaces. Bounded by Fourth, Fifth and Cedar streets, this landmark location is adjacent to Interstate 5 and offers upper-floor views of San Diego Harbor and Balboa Park.
Built in 1985 by Robert F. Driver as headquarters for the Driver Insurance Co., it was only 35 percent leased when Douglas Wilson Companies purchased it in 2010, said Nicholas Wilson, the company’s Managing Director. DWC, which has signage on all four sides of the building, will retain its space there.
“When we acquired the building, it was part of a strategic shift for our company from working with properties in receivership to a more traditional real estate base,” said Wilson. “We looked at its potential and renovated the building with an eye to attracting creative companies like marketing and architectural firms and have created an attractive tenant base for the new owners.”
He said DWC’s recent acquisitions include property in Tempe, Ariz., where they are planning to build a 270-room Kimpton Hotel and 280,000 square feet of office space. They also purchased 50 acres in Spring Valley, which is being entitled for multifamily and attached single-family homes. DWC continues to be in the market for urban infill development opportunities and similar cash flowing assets such as 1620 Fifth Ave. in the Southwestern region.
DWC was founded in 1989 to provide a wide range of real estate and problem resolution services to financial institutions, law firms, investors, state and federal courts, and property owners. With offices in Las Vegas, San Diego, San Francisco and Washington, D.C., DWC is one of the largest business entities of its kind. Focusing on its commitment to and relationships with its clients, DWC now provides asset management, consulting, business planning, development, entitlement and construction management, receivership, and problem resolution services. For more information, visit http://www.douglaswilson.com/.
