Grubb & Ellis Co. announced the sale of Executive Complex, a 324,000-square-foot office building in downtown San Diego.
The transaction was valued at $50.4 million.
Executive Complex, located at 1010 Second Ave., is a 25-story high-rise office building with commanding views of the harbor, Coronado, San Diego Airport and Balboa Park. Built in 1963, it once stood as the tallest building in downtown San Diego, but now ranks among the top five. The project was 95 percent leased at closing by approximately 39 tenants, which include Jack Phillips; Neil Dymott, Brown, Frank & Harrison; the City of San Diego and Frank & Harrison.
The seller was Jupiter Realty Corp., headquartered in Chicago. The buyer was Jamison Properties Inc., a Los Angeles-based real estate investment and management company. It is Jamison’s first acquisition in San Diego.
Grubb & Ellis/BRE Commercial is a privately held commercial real estate brokerage firm operating in Southern California.
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