Downtown Dirt 2013 Q1
- Bosa is in escrow to purchase the old Palladion building (west of Nordstrom along G Street in between Front and First). The plan is to demolish the existing building and then put a high-rise residential tower on the site (but not on the earthquake fault running through the NE portion of the site!).
- Bosa is also rumored to be in discussions with The Irvine Company to buy back the lot (currently approved for a future high-rise office tower) on the NE corner of PCH and Broadway (just south of The Grande) to develop another high-rise condo tower. Back in 2007, Bosa sold the site to Irvine for a reported $60 million. Irvine had planned to develop 880 West Broadway, a Pei designed 685,000 sf office tower – but the office leasing market has been too soft to support developing the project.
- The City of San Diego is looking to downsize it’s office space needs. In a comprehensive report done by Gensler, they estimate the that City’s third-party leased space needs could be reduced from 550,000 square feet down to 350,000 sf – saving nearly $5 million per year in rent. Further, the City’s Water Department can be moved to Kearny Mesa, to future City owned property, allowing for more long-term control of occupancy expenses.
- Sempra is evaluating moving from their corporate headquarters at 101 West A Street. Final location alternatives include: (1) One America Plaza (in which case The Irvine Company would terminate numerous leases to provide the space; (2) La Jolla Centre III (an Irvine building yet to be built in the UTC area); (3) Sunroad’s building in Kearny Mesa off the 163 freeway; and (4) a new office tower being planned by Cisterra (developer of DiamondView Tower) to be built near Petco Park (currently zoned residential mixed use). It will be challenging to beat their existing location – as they get free parking, a fully-secured site, great signage, easy access, and they would apparently save more than $10 million on just the IT moving expenses. The current owner of Sempra’s building, Sandy Shapery, has no shortage of interest already in the tower – including two different luxury hotel chains. The City would also be a good future candidate given its proximity across the street to nearly all of the other City offices.
- The new owners of the Bank of America Building are getting close to building a 6-story, 90,000 sf annex on the south side of the tower (along B Street) that would be very contemporary. It will completely change the look of the complex (which is a good thing!) and bring better dynamics to B Street.
- Despite its mid-90% occupancy level at One America Plaza, there are 10 floors (and soon to be more) currently “available” through future committed move-outs (Latham & Watkins with 4 floors), Allianz Global Investors (3 floors of sublease available) and McKenna Long (former Luce Forward) also with 3 floors of sublease available).
Jason Hughes is President of Hughes Marino, a San Diego commercial real estate company specializing in San Diego tenant representation and building purchases. Contact Jason direct at (619) 238-2111 or email@example.com to learn more.
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.