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Daniel Negari Of XYZ.rent Acquires 225 Broadway Office Building In San Diego For $48M

Property Image
SOLD
$48,000,000

California

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Office363,102 SF
Sold 01/10/2025
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Property Image
SOLD

Daniel Negari Of XYZ.rent Acquires 225 Broadway Office Building In San Diego For $48M

225 Broadway

See Similar Deals
Office363,102 SF
Sold 01/10/2025
the dealplayerscompscontact
Contact now

Summary

CALIFORNIA
Asset Type:Office
Price Per Square Foot:$132
Total Square Footage:363,102 SF
Transaction Type:Sale

The office asset at 225 Broadway in San Diego was sold for $48 million, reflecting a price per square foot of $132. The building encompasses a total area of 363,102 square feet and is situated in a prominent downtown location. It is currently 84% leased to tenants including the Federal Defenders of San Diego.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: $48,000,000
  • Square Footage: 363,102
  • Price per Square Foot: $132
  • Buyer: Daniel Negari - XYZ.rent
  • Seller: Donald Bren - Irvine Company
  • Broker: Adam Edwards - Eastdil Secured
  • Market: San Diego

XYZ.rent, represented by Daniel Negari, acquired the property from Donald Bren of Irvine Company. The deal was facilitated by broker Adam Edwards from Eastdil Secured. Following the acquisition, XYZ.rent aims to enhance operational efficiency and improve retail spaces in the vicinity.

Players

Adam Edwards
Eastdil Secured
Adam Edwards
4 deals$272.9M volume(949) 930-7485
BROKER

Details

SOLD
IMAGE: Daniel Negari, Donald Bren & Adam Edwards DATE: 01/10/2025 ADDRESS: 225 Broadway MARKET: San Diego ASSET TYPE: Office BUYER: Daniel Negari - XYZ.rent SELLER: Donald Bren (@DonaldBren4) - Irvine Company (@WorkatIrvineCompany) BROKER: Adam Edwards - Eastdil Secured (@EastdilSecured) SALE PRICE: $48,000,000 SF: 363,102 ~ PPSF: $132 NOTE: XYZ.rent acquired the 22-story 225 Broadway in downtown San Diego for $48 million ($132 per square foot), marking a shift in ownership from Irvine Company. The building, 84% leased, is home to tenants such as Federal Defenders of San Diego, and XYZ.rent plans to enhance operations and improve surrounding retail spaces.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$2,560,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$170,533.85
Cash-on-Cash Return-1.27%
Monthly Debt Service$227,544.49
Annual Debt Service$2,730,533.86