Sempra’s HQ Scores $30M in Financing
- Feb 26, 2015
Shapery Enterprises has secured $30 million in financing for Sempra Energy’s headquarters in downtown San Diego. Shapery’s affiliate, The Gas & Electric Headquarters Building–San Diego L.P., received the loan for 101 Ash St., a 347,087-square-foot office tower. A team from HFF arranged the financing, led by Tim Wright, a senior managing director, and Zack Holderman, a director at the firm.
Located in the Broadway Corridor, 101 Ash is near the Civic Center, Little Italy and the Gaslamp District. Interstate 5 is also close by, and the 21-story building offers views of the San Diego Bay, downtown, Coronado Island, Balboa Park and the Pacific Ocean.
The combination of a well-maintained property and a willing sponsorship team enabled HFF to “successfully structure a loan that both addressed the looming lease expiration and the long-term strategic repositioning plan for the asset,” Holderman said in a statement.
Sempra, the parent of San Diego Gas & Electric Co. and Southern California Gas Co., is 101 Ash’s sole tenant. Shapery plans to reposition the property after Sempra’s lease expires in mid-2015.
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