By Lou Hirsh San Diego Mayor Bob Filner has signed a letter of intent to relocate a portion of city operations to the downtown office tower at 525 B St., in a move the mayor said will save the city $3 million annually in leasing costs. The action, which is subject to final lease negotiations [...]
San Diego Mayor Bob Filner has arranged a deal that is projected to save the city more than $15.7 million over the next six years, merely by shifting the public utilities and engineering departments down one block on B Street. More than 400 employees at 600 B St. will be involved in the move, which involves a sharp reduction in space as well as a 52 percent cut in the price per square foot. “This is a significant savings for the taxpayers and a direct result of rethinking the way the city uses office space downtown,” said Filner, who signed a letter of intent to lease space at 525 B St., which must now be formalized into a detailed lease to be submitted to the City Council for approval.
San Diego Mayor Bob Filner announced Monday that his volunteer lease negotiator has struck a deal that is expected to save the city up to $15.8 million over five years with a new lease for at least 77,000 square feet of office space. The city will pay $1.25 per square foot, down from the current $2.62 for the public utilities and engineering departments. The new deal, brokered by Hughes Marino principal Jason Hughes, is expected to save $2.8 million in the coming budget year, even after accounting for moving costs from 600 B Street to 525 B Street.
“The communications are leaning in that direction (of moving) but they haven’t specified what project they’re looking at the hardest or if they have decided on a specific project,” Shapery said.
The most talked about option is the block bounded by J and Island, Seventh and Eighth Avenues, just north of Petco Park, where Cisterra Development has proposed a 14- to 16-story building of 280,475 to 323,075 square feet.
Cisterra CEO Steven Black said he is not free to discuss the state of negotiations but noted the proposed building, designed by Carrier Johnson + Culture, has been configured specifically for Sempra.
Sempra has informally advised the ownership of their current headquarters building, the Sempra Energy Building located at 101 Ash Street, that they will be relocating out of the building upon their lease expiration in July 2015. Sempra is on the verge of signing a Letter of Intent with Cisterra Development to build a new 300,000 square foot corporate headquarters located adjacent to Petco Park bounded by 7th, 8th, Island and J Street.
Mayor Bob Filner recently appointed Jason Hughes, who heads the local brokerage firm Hughes Marino Inc., to advise the City of San Diego on a volunteer basis as it decides what to do with a half-million square feet of downtown office leases set to expire in the next few months. Local brokers, however, note that the city is hardly the only tenant facing decisions about its downtown footprint. The central business district has long lagged behind other local office markets for tenant growth, but has recently seen an influx of small and large firms making their homes downtown, with others considering similar moves.
In a move billed as adding more transparency to government, San Diego County Supervisor Dave Roberts has named a seven-member panel to help him decide how to allocate his share of more than $2.6 million in community enhancement money. The seven members will make recommendations on how to award about $536,000 available to nonprofit groups in his North County district. “I want to fund organizations that provide the best return on the taxpayers’ investment and assist the greatest number of citizens,” he said Tuesday.
Sempra looking for options, Arrowhead contemplates consolidation, Golden Eagle moving to Mission Valley, BOSA closes escrow on the old Paladion building, and the City of San Diego …
By Daniel Turek California Enterprise Zones offer significant tax incentives for companies operating within one or more of the state’s 42 designated zones based on qualified hiring and asset acquisition activities. San Diego is home to one of the largest of these targeted economic development areas. Thousands of local firms, eligible to participate in the [...]
“What I observed were well negotiated leases ending up in the file cabinet and tenants receiving cookie cutter service and operating expense charges that were often in conflict with the lease. This was completely unintentional, but the reality is that a building with 50-plus tenants, or an ownership group with 1,000+ tenants, will have a tough time getting each property manager and accountant on board with the various provisions of each lease,” said Ed Muna, Senior Vice President at Hughes Marino. And thus the firm’s Lease Audit Service was born.
Jason Hughes is president of Hughes Marino, as well as a featured columnist for the San Diego Business Journal and past columnist for the San Diego Daily Transcript. Jason has written well over 100 articles, is a real estate resource for the Wall Street Journal, and has been profiled in the San Diego Union Tribune, San Diego Business Journal, San Diego Daily Transcript, San Diego Metro, Smart Business San Diego, California Real Estate Journal, and Western Real Estate Business.
David Marino is executive vice president of Hughes Marino, as well as a monthly columnist for the San Diego Metro. Specializing in high-value, time-critical and complex transactions for technology, life science, and business service companies, David has been featured in the San Diego Union Tribune, San Diego Business Journal, Smart Business San Diego, and Western Real Estate Journal.
Nik Bandak is project engineer for Hughes Marino CM. Nik earned a degree in Financial Services from Saint Mary’s College of California where he graduated with honors. As a project engineer, Nik is knowledgeable in estimating, documentation control, construction scheduling and processes, contract administration, and financial analysis. Prior to joining Hughes Marino, Nik worked for Bechtel International on the Khalifa Port and Industrial Zone in Taweelah, United Arab Emirates, where he monitored and oversaw the daily construction activities and progress of 5,000 field workers in 53 buildings within the Industrial Zone borders.
Kyle Barnas is an Associate of Hughes Marino, the largest tenant representation company in San Diego. With a background in financial analysis and advisory, Kyle brings a methodical approach to every transaction and aggressively leverages firm resources to negotiate the most competitive deals in the suburban marketplace for his clients.
Travis Carter, a San Diego native, serves as vice president of Hughes Marino. A licensed real estate broker, Travis specializes in representing legal and accounting firms throughout the UTC, Del Mar Heights, Mission Valley and Downtown markets. Travis, a graduate of Point Loma Nazarene University, was honored as one of SD Metro's 40 under 40 recipients in 2011.
Brendan Foote is senior vice president of Tax Credit Services for Hughes Marino, which focuses on securing tax refunds and savings for California businesses who are eligible for various economic development programs. With an expertise in such programs as the California Enterprise Zone Program, the Federal Empowerment Zone Program and the LAMBRA Program, Brendan and his team generate substantial tax savings for businesses located in these incentive zones. Brendan is an active member of the Downtown San Diego Partnership and a board member of the East Village Association.
Kirt Gilliland, division president of Hughes Marino CM, has over 25 years of construction and project management experience in San Diego, having managed over 6 million square feet of projects valued in excess of $400 million. Among the most notable projects are a 23 story, $70 million affordable housing project at 10th and B Street, and the nationally-recognized, award-winning 45,000 square foot New Children’s Museum.
Scot Ginsburg has been solely focused on exclusively representing tenants and occupiers of commercial space throughout his career. With over 8,000,000 square feet of experience, Scot specializes in high-tech, life science, business service, research and development, and other growth-oriented companies. Scot is a guest columnist for California Real Estate Journal and the San Diego Daily Transcript.
Steven Gorup is project manager/LEED AP BD+C for Hughes Marino CM, which is essential for green-building technology implementation. In 2009, Steven obtained the Lean Six Sigma Green Belt Certificate, a strategy designed to improve quality while simultaneously eliminating cost and administrative excess. Prior to serving as a project engineer on University of San Diego’s LEED Silver-certified, award-winning Student Life Pavilion, Steven earned a degree in Construction Science and Management from Kansas State University.
Shay Hughes, chief operating officer, plays a key role in all aspects of the organization, including internal operations, marketing, business strategy, and end-to-end management. A San Diego native, her versatile skills range from designing Hughes Marino’s corporate headquarters, managing the day-to-day operations of the firm, and a strong understanding of the local marketplace and client needs.
Star Hughes is a director at Hughes Marino, the largest tenant representation company in San Diego. A San Diego native, Star specializes in downtown San Diego real estate. Star earned her Masters of Business Administration at University of San Diego, where she was the first and youngest full-time MBA student to complete the two-year program in one year, at the age of twenty-one. Star graduated from University of San Diego with her Bachelor of Business Administration at the age of nineteen after completing her undergraduate degree in two years with a 4.0 overall GPA and highest academic average in the graduating class.
Tucker Hughes is an Associate of Hughes Marino where he specializes in tenant representation throughout San Diego. A native San Diegan, Tucker is a member of one of the most experienced and respected commercial real estate teams in San Diego, contributing to his ability to provide the best service to his clients. Tucker graduated from the University of San Diego magna cum laude with his Bachelor of Business Administration and is currently pursuing his Master of Science in Real Estate also from the University of San Diego.
John Jarvis is senior vice president of Hughes Marino, a past contributor to Smart Business San Diego, and a leader in countless local charitable, professional and civic organizations. A member of Biocom, International Facility Management Association, and Corporate Finance Council, as well as a graduate of LEAD San Diego, John has earned the trust of a loyal clientele by consistently providing thoughtful and creative solutions on high value real estate projects.
Craig Knox is senior vice president of Hughes Marino, where he is an insightful advisor and aggressive advocate for tenants, especially those in the life sciences and technology sectors where his technical background is a key asset. A graduate of Stanford’s M.B.A. and Master of Engineering programs, Craig serves as a board member of the San Diego Venture Group, a chair of CommNexus’ Capital Markets Committee, and is in charge of real estate for the EvoNexus start-up incubator.
Ryan McCrary, general counsel and vice president of Hughes Marino, is a licensed California real estate broker, a member of the State bar of California, the Association of Corporate Counsel, and the San Diego County Bar Association. Ryan holds an engineering degree, a Master of Law (LL.M.) in real property development, a J.D. from Thomas Jefferson School of Law, and is also a LEED for New Construction Accredited Professional.
Ed Muna is senior vice president of Lease Audit Services, providing tenants with a resource to review and audit their landlord charges, ensuring fairness and proper billing by landlords for operating expenses, CAM charges, and property tax expenses. A twenty year veteran of San Diego’s commercial real estate industry, Ed brings a unique perspective having worked as an owner’s representative, asset manager, and property manager in the development, leasing, management and operations of several million square feet. He is currently involved in the Downtown San Diego Partnership and North County Chamber of Commerce.
Dean Petersen, senior vice president and LEED AP, has been responsible for the management of over 5 million square feet of construction valued in excess of $225 million throughout his 30 years of construction and project management experience. Having directed a wide range of projects, from ground up historical building remodels, multi-million dollar tenant improvement projects, award-winning residential work/live highrises, hospital facilities, airport terminals and universities, Dean brings a strong knowledge of project cost estimating and control, scheduling, quality control, contract administration, and construction means and methods to his clients.
Shane Poppen is a native Southern Californian who specializes in tenant representation in the suburban markets of San Diego County, partnering with companies to make the most of their real estate decisions. His experience includes site selection, strategic planning and needs assessment, financial analysis, negotiation and transaction structuring for lease renewals, relocations and renegotiations. Shane brings persistence, a strong work ethic, dependability, and a results-driven attitude to the Hughes Marino team.
Daniel Turek is an associate of Hughes Marino’s Tax Credit Services (TCS) division. Hughes Marino TCS is focused on securing tax refunds and savings for California businesses that are eligible for various economic development programs. With an expertise in such programs such as the California Enterprise Zone Program, the Federal Empowerment Zone Program, and the LAMBRA Program, Daniel and his team are able to generate substantial tax savings for businesses and business owners located in these incentive zones. Hughes Marino TCS and real estate services pair to create the most comprehensive location analysis in the market.