San Diego, California

The opportunity to build high-rise office space in downtown San Diego required foresight into local market conditions. While the downtown area has seen an explosion of residential development, the office market had remained relatively stable. However, after years of slow, but steady, improvement in downtown San Diego real estate market fundamentals, the time was right in 2004 for new high-rise office development. As a result, the Broadway 655 project was the first commercial high-rise building built in downtown San Diego in nearly 15 years. National worked with its local development partner to secure a key anchor tenant in order to get the project off the ground. National also structured the investment in such a way as to allow co-investment with an off-shore equity partner. Market insight, perseverance and flexibility were hallmarks of National’s role in making the Broadway 655 project a reality.