Union Bank Building – Rebranded to FIVE THIRTY B
In January 2014, Kearny acquired the 232,936-square-foot office building at 530 B Street in downtown San Diego from Union Bank of California, and rebranded the building as FIVE THIRTY B.
Kearny undertook a $15 million capital improvement program including a significant overhaul of the building’s core plumbing, completely new restrooms, including new ADA restrooms, significant new tenant improvements, and the unveiling of a new Sky Terrace, on a previously underutilized 15,000 sf barren rooftop surrounding the third floor. With dynamic views of the skyline and the city’s urban center below, the Sky Terrace at Five Thirty B won the 2015 Award for Best Overall project at the California Landscape Contractors Association beautification awards.
In the two years under its ownership Kearny was able to increase occupancy from 50 to 78%. New additions to the tenant roster include Lewis PR, NCRC Mediation, Nyhart and Smash Lab. Kearny sold the property to Bosa Development in February 2016 and continued to provide management services post-closing until the building reached 92% just eight months after close. Kearny accomplished in two years what we underwrote to accomplish in 3 ½ years and produced outstanding results for our investors.
As a testament to the long and successful relationship between Kearny and Wells Fargo, Wells Fargo provided 90% structured financing for the transaction.
“The Kearny team was very cooperative and professional. It was a pleasure to work with such a professional and sophisticated team on the other side of the transaction.” Larry Lawrence, Sr. Vice President, Union Bank
“It is a real pleasure to be a tenant at Five Thirty B. We have seen the many incredible design changes throughout the building including the Sky Terrace, which we enjoy daily, and the privilege of utilizing the beautiful new conference facilities. The Kearny Team is easy to work with, responsive, efficient, flexible and generous.” Brenda S. Peterson, President, Peterson Reporting
Architect: Gensler & LdG Landscape Architects