Updated Dec 4, 2024
City Of San Diego Leases 43000 Square Feet Office Space At Five50West In San Diego
550 West C Street
Building Size
43,000 SF
Asset Type
Office
Closing
Oct 15, 2024
About this deal
AI
The asset involved in this transaction is an office property located at 550 West C Street in San Diego, featuring a total square footage of 43,000. This property is situated within a recently renovated 20-story building known as Five50West, which is designed to meet modern working environment standards.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not specified
- Address: 550 West C Street
- Market: San Diego
- Tenant: City of San Diego
- Brokers: Bess Wakeman, Richard Gonor & Tony Russell - JLL
JLL has facilitated a lease agreement for the City of San Diego to occupy the specified office space at Five50West, highlighting the increasing demand for flexible office layouts in the area. The brokers involved in this transaction are Bess Wakeman, Richard Gonor & Tony Russell, who represent the interests of the tenant in this deal.
Players
San Diego Office Market Snapshot
Boundary boundary · Office · Lease transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93