San Diego office tower sells for $123 million

Grubb & Ellis Co. brokered the sale of Emerald Plaza, a 364,000-square-foot office building in downtown San Diego.

The transaction was valued at more than $123 million.

Emerald Tower is a class A, 30-story office tower located at 402 West Broadway.

At the time of sale, the property was 88 percent leased by approximately 50 tenants, which include HQ Global Workplaces, Foley & Lardner and San Diego Regional Chamber of Commerce. The office project connects with the Wyndham Emerald Plaza Hotel via a 10-story-high, glass-enclosed atrium. The 25-story hotel has 436 rooms, three restaurants and banking facilities.

Santa Ana, Calif.-based Triple Net Properties sold the property to RREEF, a full-service real estate investment advisor.

Grubb & Ellis Co. provides a full range of real estate services worldwide.

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