Daily Business Report/Dec. 22, 2016
The office complex at Emerald Plaza is characterized by its distinctive hexagonal towers ranging from 20 to 30 stories making it one of the tallest buildings in San Diego.
Landmark Emerald Plaza Office Tower
Sold to Kearny Real Estate Co. for $91.7 Million
Kearny Real Estate Company has made its largest investment in San Diego with the acquisition of the 364,000-square-foot office component of Emerald Plaza from Deutsche Bank in a transaction valued at $91.7 million.
Built in 1990 by local developer and entrepreneur Sandy Sharpery at a cost of $150 million, Emerald Plaza was the first, and continues to be one of the only true mixed-use developments in Downtown San Diego. Emerald Plaza includes a connected 436-room hotel now operated by Westin Hotel that was not part of the transaction.
The office complex at Emerald Plaza is characterized by its distinctive hexagonal towers ranging from 20 to 30 stories making it one of the tallest buildings in San Diego. Emerald Plaza is also one of the most recognizable on the San Diego skyline, especially in the evening, when the angled rooftops of the office buildings and hotel are illuminated creating eight hexagonal green neon halos.
Emerald Plaza, which has been owned by Deutsche Bank since 2005, was 70 percent leased at closing. It encompasses a full city block at 402 W. Broadway in the heart of Downtown’s west side.
“This was a rare opportunity to acquire an irreplaceable asset in one of the best performing submarkets of Downtown San Diego,” said Jeff Givens a senior vice president at Kearny Real Estate. “Emerald Plaza is certainly a one-of-a-kind building in a great location. We’re excited to provide tenants with unique design opportunities for a variety of individual suites and or full floor options.”
In addition to providing upgrades to the office lobby, elevators and individual floors, Kearny will focus on building upon the social amenities already provided through the shared environment with the 4-Star Westin Hotel, according to Givens.
“Today’s tenants want places to collaborate outside their offices and Emerald Plaza fills that element with multiple gathering areas and a variety of food and beverage options including Coava Coffee Roasters’ first San Diego location,” said Givens
A CBRE team will head the leasing efforts.
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Research Center Plaza Sells for $15.3 Million
The 81,118-square-foot Research Center Plaza in Carlsbad has been sold for $15.3 million to an affiliate of Alvarea & Marsal Capital Real Estate LLC. The seller was a Lincoln Property Company affiliate.
The R&D/office campus, located at 2232, 2234 and 2236 Rutherford Road, is 90 percent occupied. After purchasing the property two years ago, Lincoln Property Company upgraded interior and exterior spaces at the property and created office lofts with collaborative features, open ceilings and natural lighting.
Cushman & Wakefield brokers represented the seller.
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Santee Apartment Complex Sells for $56.6 Million
Parc One @Santee, a 172-unit apartment development that was completed earlier this year, has been sold for $56.6 million to R&V Management Corp. The seller was Intergulf-JMR LLC.
The apartments are located at 310, 320 and 330 Town Center Parkway. There are two four-story buildings and one five-story building, situated on 6.8 acres. The property features one-, two- and three-bedroom units. Amenities include a swimming pool, spa, fitness center, club room, dog park, tot lot, and roof top observation deck.
The developmen is currently in the lease-up phase, and is approximately 87 percent leased.
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Nadia Bermudez Appointed to Hispanic
National Bar Association Latina Commission
The Hispanic National Bar Association (HNBA) has appointed Nadia P. Bermudez, an attorney with Klinedinst, to its Latina Commission.
HNBA is a national membership organization that represents the interests of Hispanic legal professionals in the United States. The nonprofit, nonpartisan organization is committed to advocacy on issues of importance to the people of Hispanic heritage living in the U.S.
“Nadia’s appointment to HNBA’s Latina Commission is a tremendous honor,” said John Klinedinst, CEO and shareholder of Klinedinst PC. “Her dedication and service to the Hispanic community have earned her a unique opportunity to help advance HNBA’s mission. I have every confidence that she will make a longstanding contribution, and congratulate her on the honor.”
Bermudez will serve a one year term through 2017.
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Scientists Show How Drug Binds
With ‘Hidden Pocket’ on Flu Virus
A new study led by scientists at The Scripps Research Institute (TSRI) is the first to show exactly how the drug Arbidol stops influenza infections. The research reveals that Arbidol stops the virus from entering host cells by binding within a recessed pocket on the virus.
The researchers believe this new structural insight could guide the development of future broad-spectrum therapeutics that would be even more potent against influenza virus.
“This is a very interesting molecule, and now we know where it binds and precisely how it works,” said study senior author Ian Wilson, Hanson Professor of Structural Biology, chair of the Department of Integrative Structural and Computational Biology and member of the Skaggs Institute for Chemical Biology at TSRI.
The study was published Wednesday in the journal Proceedings of the National Academy of Sciences.
Arbidol (also called umifenovir) is an anti-flu treatment sold in Russia and China by the Russian pharmaceutical company Pharmstandard. The drug is currently in stage-four clinical trials in the United States.
The drug targets many strains of influenza, giving it an advantage over seasonal vaccines that target only a handful of strains. The new study sheds light on exactly how it accomplishes this feat.
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Cybersecurity Company FHOOSH
Raises $2 Million from Volta Global
FHOOSH, the first company to pair high-speed data transmission with ultra-secure cybersecurity, recently secured a $2 million investment from Volta Global, a private investment group active in transformational venture capital, as part of FHOOSH’s recent oversubscribed financing.
