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First Allied Plaza Changing Hands (Again); Houzz Comes to San Diego

Image by Nehrams2020 via Wikimedia Commons.

655 West Broadway, also known as First Allied Plaza, is being sold to MetLife for $410/SF ($155 million). San Diego developer Rob Lankford sold the building in 2007 for $550/SF ($210 million) to Netherlands-based Wereldhave, which then sold it to Lone Star for $375/SF ($140 million) 18 months ago. Depending on how you look at it, Wereldhave lost $70 million, Lone Star made a quick $15 million, and Metlife overpaid or underpaid. Hard to keep track of all the money made and lost!

610 West Ash, also known as the ESET Building, is in escrow to Dennis Cruzan and his financial partner, Rockwood. Cruzan also owns DiamondView Tower (with Cigna) at Petco Park where they are about to sign a lease with Houzz for the entire 6th floor (recently vacated by Cox Communications). Houzz is a billion-dollar internet company and the leading platform for home remodeling and design – kind of a mashup of Pinterest, Yelp, and an ecommerce site all devoted to home design – and is thought to be the first of many Silicon Valley based companies soon to be opening up locations in downtown San Diego.

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 jason@hughesmarino.com to learn more.

Hughes Marino Construction Management portfolio
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