San Diego Landmark Robert F. Driver Office Building Sold

2 Sep, 2010, San Diego

Cushman & Wakefield announced the sale today of the nine-story, 80,320-square-foot Robert F. Driver Building located at 1620 Fifth Avenue, on the east side of the Central Business District in downtown San Diego, on behalf of Robert F. Driver Office Building, LTD. Financial terms were not disclosed.

According to Jeff Cole, executive director with Cushman & Wakefield, the buyer recognized the value in purchasing the Driver Building due to its high I-5 freeway visibility, over-standard parking, and close proximity to downtown San Diego's central business district and related amenities. "With its irreplaceable freeway adjacent location, the building offers small- to mid-level tenants a premier Class A location to do business."

The transaction was facilitated by Jeff Cole, Ed Hernandez, Steve Rowland, Michael Roberts, and Matthew Carlson of Cushman & Wakefield, as well as Bradford Perry of Perry Commercial Real Estate. The buyer is 1620 Fifth Avenue LLC. Douglas Wilson Companies ("DWC") has been engaged to lead the reposition, management, and leasing effort to reintroduce this well known downtown office building.

The building, which was constructed in 1985 and served as the corporate headquarters of the Driver Insurance Company until 2008, features an adjacent five-story parking garage, glass façade, building-top signage and immediate access to Interstate 5. The building is currently 40 percent leased and Douglas Wilson plans to renovate and reintroduce this asset to the market under new leadership.

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