Exclusive: Vintage Housing Buys Foreclosed San Diego Tower
The office property is headed toward conversion.
Kennedy Wilson’ Vintage Housing flag has purchased the 177,489-square-foot 610 W. Ash St. in San Diego in a foreclosure sale from lender A10 Capital, according to Yardi Matrix data. The office tower changed hands for $26 million, with A10 Capital issuing a $20 million acquisition loan.
JLL Managing Director Richard Gonor confirmed that the building is heading toward an office-to-residential conversion in a LinkedIn announcement last week. CBRE marketed the property’s sale.
Notably, the 1986-completed building may still have lease agreements underway. The largest occupier, Homeland Security, has its deal running until 2028, as revealed by a CRE CLO rating issued by Morningstar|DBRS last year.
The 19-story tower is in downtown San Diego, a submarket with a whopping 35.8 percent office availability in September, according to a Savills report. Vintage’s 610 W. Ash St. would be neither the first central business district building to pivot toward residential, nor would it be the company’s first such endeavor.
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More than 1 mile away, Vintage also plans to convert the 19-story 707 Broadway into a 200-unit fully affordable multifamily project. The development marks the first fully income-restricted adaptive reuse across the market, the property’s designer, STK Architects, reveals.
Completion is estimated for 2028, according to Kennedy Wilson’s financial supplement for 2026’s first quarter. Development costs may rise to $90.9 million, including the $21 million acquisition of the property, an application to the California Municipal Finance Authority shows.
Vintage’s SoCal conversion projects
Vintage’s conversion endeavors extend beyond San Diego, with another project taking shape in Los Angeles as part of the firm’s multifamily development partnership with Jamison to construct 4,000 new affordable housing units across 15 properties.
The duo’s first project is the conversion of the former 400,000-square-foot LA World Trade Center into a 512-unit community dubbed Sky Castle. The property will debut in two phases and is slated for completion in May 2029.
