Paramount Group Inc., a New York-based German investment fund, has purchased the 540,000-plus-square-foot First National Bank Center in downtown San Diego.

The value of the transaction was not disclosed.

DL FNBC LP sold the property, a 27-story tower located at 401 W. A St.

First National Bank Center features a subterranean parking garage, conference center and a ground-floor retail plaza. Built in 1982, the office building is the second largest in downtown San Diego, according to a press statement.

Major tenants at the time of sale included Capital One, General Services Administration and Higgs, Fletcher & Mack. Occupancy at sale was registered at 89.7 percent, but was anticipated to drop down to the 75 percent range with Capital One moving out in 2006.

The buyer is planning to renovate the lobby/plaza area and make other improvements in order to attain a better rental and occupancy status of the building in the downtown market.

Cushman & Wakefield, a privately held real estate services company, represented the seller in the transaction, while the buyer represented itself.


What’s your opinion? Send your Letter to the Editor to

Show Comments Hide Comments


Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Thank you for subscribing to Morning Headlines.
Back to top