Newmark Completes Lender-Facilitated Sale of Tower 180 in Downtown San Diego

January 11, 2024 9:00 AM

Newmark[1] announces it has arranged the sale of a fully vacant office building, known as Tower 180, in a lender-facilitated, off-market transaction. The property, which sold for an undisclosed amount, is set to be converted for hospitality and residential use.

Newmark Executive Mangaging Directors Brunson Howard and Rick Reeder represented the undisclosed seller, along with Co-Head of U.S. Capital Markets Kevin Shannon, Executive Managing Director Tony Malk, Senior Managing Director Chris Benton and Managing Director Anthony Muhlstein. The buyer was J Street.

“The sale of Tower 180 is a landmark transaction, as it represents one of the largest and most high-profile adaptive re-use acquisitions in this new market cycle,” said Howard. “Newmark leveraged expertise across several different product types including residential and hospitality, and we are excited to see J Street’s vision come to life in Downtown San Diego.”

The 25-story building is located at 124 W. Broadway and totals 390,609 square foot. Primarily consisting of 10,000-square-foot floor plates, the building is ideally positioned for a a multitide of executions including lodging, multifamily and luxury condomonimums.

The property is centrally located, providing ease of access to Civic Center Trolley Station, Light Rail (MTS Station), Sante Fe Train Depot, San Diego International Airport and the Interstate 5 and Highway 163.

[1] Dba Newmark Knight Frank in California

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ending December 31, 2022, Newmark generated revenues of approximately $2.7 billion. As of September 30, 2023, Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 7,400 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

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