Dallas-based Lincoln Property Co. has purchased the downtown San Diego office high-rise at 600 B St. for $49 million.
The purchase was made in a joint venture partnership with Angelo, Gordon & Co. of New York City. The seller was Nomura CDO 2007-2-600 B Street LLC.
A Lincoln company statement said the 24-story tower is 85 percent occupied, with tenants including the city of San Diego, Bridgepoint Education Inc., and several law firms. Lincoln Property has its San Diego regional office in the building.
The 359,218-square-foot tower was completed in 1974, and underwent extensive renovations in 1996. It marks the first local acquisition by Lincoln since establishing its San Diego office in May.
Brig Black, Lincoln’s Southern California senior vice president, said in the statement that San Diego “is a strategic growth market for our company.”
The privately owned company owns and manages more than 11 million square feet of office, industrial and retail property nationwide.
— SDBJ Staff Report