655 West Broadway

History

The construction of the 380000 sqft skyscraper began in 2003 and was completed in 2005. It was the first new office tower in downtown San Diego in a dozen years. The building was originally named Broadway 655. In 2007 Advanced Equities changed the name to Advanced Equities Plaza after signing a 10-year lease on the building. In August 2011 First Allied Securities split off from Advanced Equities via a sale of the company to its management, forming an independent brokerage. The building name changed again to First Allied Plaza in March 2012 due to the separation of First Allied from Advanced Equities. First Allied uses three floors of the 23-story skyscraper. The building is now referred to as "655 West Broadway". Other tenants include Deloitte Development LLC, Interlaced LLC and the law firm Robbins Geller Rudman and Dowd.

Ownership

The building was originally built by Broadway Tower 655, LLC, a limited partnership of which Robert V. Lankford of Lankford & Associates, Inc. was the managing partner. In July 2007, the building was sold to the Dutch firm Wereldhave USA under the direction of Carmen Taveras-Cruz, the company's former president for $210 million. Wereldhave sold the building in March 2013 to Lone Star Funds, a Dallas-based private equity firm, for a reported $140.88 million, representing a loss of over $70 million on Wereldhave's investment. The building was sold by Lone Star Funds in 2014 for $156.8 million to 655 WB Operating, LLC.

References

References

1. "Broadway 655". Skyscraperpage.com.
2. Shaw, Gary. (October 1, 2003). "Still Lords of Leasing".
3. (September 18, 2008). "Wereldhave USA Buys San Diego’s DiamondView Tower for $161M". Commercial Property Executive.
4. Freeman, Mike. (March 8, 2006). "Not quite smooth sailing". San Diego Union Tribune.
5. (August 22, 2011). "First Allied to split off from Advanced Equities". Reuters.
6. (August 30, 2006). "Downtown". San Diego Metropolitan Magazine.
7. [http://sdbj.com/news/2013/mar/22/downtown-office-tower-sold-1408m/ "Downtown Office Tower Sold for $140.8M."] San Diego Business Journal. March 22, 2013.
8. Mowad, Michelle. (July 9, 2007). "International investor buys Broadway 655 high-rise, recently renamed Advanced Equities Plaza". [[San Diego Business Journal]].
9. Freeman, Mike. (July 3, 2007). "Office high-rise sells at top price; Dutch firm buys Broadway 655 tower in downtown". San Diego Union Tribune.
10. Biberman, Thor Kamban. [http://www.sddt.com/RealEstate/article.cfm?SourceCode=20130321czh "Wereldhave nets $110 million loss on First Allied Plaza, DiamondView sales."] San Diego Daily Transcript. March 21, 2013.