625 Broadway, also known as The Torbatti Building, is in escrow to a residential conversion company for approximately $50 million. The company plans to evict all the existing tenants upon their lease expirations (or incentivize them to leave early) so that they can convert the entire 230,000 sf building to residential apartments. This price is significantly higher than the seller would get for a straight office sale, and would be the second large building in downtown to be removed from office inventory in the last 12 months (The Paladion at 777 Front Street (156,000 sf) sold to Bosa Development about a year ago to be demo’d and rebuilt as a high-rise condo project).
And the State of California Department of Justice Attorney General’s office is rumored to be in final negotiations to move from 110 West A Street to One America Plaza (600 West Broadway) – taking over some of the poshest and best view space in the entire county in arguably one of the most prestigious buildings in downtown. The floors under consideration include all four floors of the space being vacated by Latham & Watkins (who is moving to Carmel Valley) as well as two floors of McKenna Long & Aldridge’s space (formerly Luce Forward’s diggs) – approximately 120,000 square feet in all!
Jason Hughes is chairman, CEO, and owner of Hughes Marino, an award-winning commercial real estate company with offices across the nation. A pioneer in the field of tenant representation, Jason has exclusively represented tenants and buyers for more than 25 years. He writes about topics in commercial real estate from a tenant’s perspective on his blog, Downtown Dirt. Contact Jason at 1-844-662-6635 or email@example.com to learn more.