Iconic Emerald Plaza Asset Acquired for $92M
Los Angeles-based Kearny Real Estate and JV partner PCCP, LLC acquired Emerald Plaza, an iconic 364,160-square-foot, 30-story class A office tower located in the heart of downtown San Diego from Deutsche Bank for $91.7 million. The transaction didn’t include a 436-room Westin Hotel at the mixed-use site.
Kearny sees an opportunity to capture synergies of a resurgent market by cross-promoting and sharing hotel amenities, such as food and beverage service, conference rooms, parking and spacious lobby space.
Built in 1990, the 70% leased building is slated to be repositioned and refreshed. Planned renovations include redesigning the C Street office lobby to be more inviting, upgrading elevator cabs, as well as revitalizing select floors for the first time since the 1990s.
HFF’s Nick Psyllos, Ryan Gallagher, Nick Frasco, Tim Geiman and Kara Mathis handled the transaction.
For comments, questions or concerns, please contact Dennis Kaiser