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DESCRIPTIONOffering memorandum for a commercial real estate company. Client provided all content. Maps, site plans, floor plans, labeling and formatting were all done in Adobe CS5.
O F F I C E I N V E S T M E N T O F F E R I N G - VA L U E A D D O P P O R T U N I T Y
A N 8 0 , 3 2 0 S q U A R E F O O T N I N E - S T O R Y O F F I C E B U I L D I N G
THE ROBERT F. DRIVER BUILDING1 6 2 0 F I F T H A V E N U E S A N D I E G O C A L I F O R N I A
NThis Confidential Offering Memorandum is being delivered, subject to the terms of the Confidentiality Agreement signed by you for the sole purpose of evaluating the possible acquisition of 1620 Fifth
Avenue and is not to be used for any other purpose or made available to any other party without the prior written consent of Owner or Cushman & Wakefield. While the information contained in the
Memorandum is believed to be reliable, neither Cushman & Wakefield nor Owner guarantees its accuracy or completeness. Because of the foregoing and since the Property will be sold on an As Is,
Where Is basis, a prospective purchaser must make its own independent investigations, projections and conclusions regarding the acquisition of the Property without reliance on this Memorandum.
Cushman & Wakefield of California, Inc.License 00616335
2020 Main Street, Suite 1000Irvine, CA 92614
INVESTMENT OFFErINg MEMOrANduM
Robert F. Driver constructed the 80,320-square-foot jewel box office building in 1984 to serve as the corporate headquarters for the Driver Insurance Company. The timeless glass faade, efficient floor plates and abundant parking ratio offer outstanding visibility and convenience. Located immediately adjacent to Interstate 5, the building offers four sides of building top signage to an anchor tenant, or owner-user, as well as excellent freeway access. The adjacent five-story parking structure offers nearly double the parking ratio of competitive projects and direct entry to the 2nd through 4th floors of the building.
The robert F. driver Building provides tenants and employees an ideal location for immediate access to the Interstate 5 freeway, while remaining within walking distance to downtowns amenities. Located a few blocks north of the famous gaslamp district on 5th Avenue, which sees over 1,000,000 pedestrians per year, the building is just minutes from various hotels, Westfield Horton Plaza, the Convention Center and thousands of new residential condo units.
n Prominent Location: robert F. driver selected the block between 4th & 5th Avenues on Cedar Street because of its prominent location atop the gradual slope at the edge of Balboa Park. With its outstanding views of San diego Bay to the West, the downtown skyline to the South, the mountains to the East and Balboa Park to the North, the buildings location is unrivaled amongst competitive buildings downtown.
n quality Asset: Constructed to inhabit both the family company and his lasting legacy, robert F. driver built the building with quality craftsmanship, attention to detail and the opportunity to brand the building into the impressions of San diegans.
n Optimal Floor Plate Sizes: With approximately 10,000-square-foot floor plates, the floors design very well for 3,000 to 6,000-square-foot tenants and will attract full floor users that desire single floor identity, but cannot achieve their goal in larger projects.
n Parking: The propertys five-story parking garage offers a parking ratio of 2.65 parking spaces per 1,000 square feet leased, which is 200% higher than the downtown average and 265% higher than many of the buildings in the competitive set.
n Freeway Access: The 80,320-square-foot tower is located immediately adjacent to Interstate 5 with access to the Northbound and Southbound ramps within 2 blocks of the project.
n Exposure: Situated on the northernmost edge of the CBd, adjacent to Interstate 5, the building offers unparalleled signage and exposure opportunities to an anchor tenant or owner-user.
n Local Business Demand Drivers: downtown San diegos office market has historically been driven by organic growth among the legal, financial, government, insurance and banking industries. With no new construction in the foreseeable future, and showing some signs of stabilization, we expect growth to commence with the anticipated job growth later in 2010.
n Nearby Amenities/Housing: The project is located within walking distance to the historical gaslamp district, PETCO Park, the San diego Convention Center, Balboa Park, Westfield Horton Plaza and hundreds of restaurants and newly constructed boutique hotels. Over 65,000 people live within the greater downtown area with 4,500 new condo units currently under construction.
n Strong Market Conditions: While downtown San diego has seen many spaces return to inventory over the last six quarter, the regional and national economies are showing some signs of stabilization.
n Rental Growth: Positive absorption and rental growth are expected to follow anticipated regional growth in 2010.
F INANCIAL HIgHLIgHTS
n Value-Add Opportunity: The building features a large contiguous block of approximately 30,000 square feet of space available with an opportunity for building top signage on all four sides.
n Income Upside Potential: Existing rental rates are approximately twenty percent under market and premium view suites are thirty percent below market. In-place parking charges are significantly below those of other comparable buildings in the downtown marketplace.
n Below Replacement Cost: The propertys total replacement cost including land is estimated at over $400 per square foot.
Year 1 Proforma net operating Income ...............................$580,613
Year 2 Proforma net operating Income ............................$1,036,339
address: 1620 Fifth Avenue
San diego, California 92101
Location: The nine-story property is located on the east side of
downtown San diego. Its general boundaries are Interstate
5 directly to the north, Fourth Avenue to the west, Cedar
Avenue to the south, and Fifth Avenue to the east.
net Rentable area: 80,320 rSF with a six-level above-ground parking structure.
Parking spaces/Ratio: 212 spaces (2.60/1,000 rSF). The parking structure is
accessible from Cedar Avenue.
Year Completed: 1985
no. of tenants: Ten
% occupied: 54%
site: 0.55 acres (24,000 square feet)
assessors Parcel nos.: 533-381-01-00 / 533-381-02-00 / 533-381-03-00
Construction type: Steel framed with floors of concrete filled metal deck
exterior Walls: glass curtain wall of reflective glass and spandrel panels in
anodized aluminum frame, granite veneer finish is installed at
the base of the building.
Foundation: The foundation consists of reinforced concrete slab and
Lobby area: The ground floor lobby has polished granite floors and
Herculite type entry doors and storefront.
Roof system: roofing is provided by a low-sloped built-up asphalt roofing
system with gravel topping. A helipad is located on the top
level above the machine room and is lighted.
Ceiling Heights: 8 feet (9 feet on Floor 9) with high quality dropped 2 x 2
acoustic tile throughout the building.
elevators: The building is served by two 2,500-pound capacity cable-
operated passenger elevators.
Interior Detail: Interior lobbies are finished with tile floors and carpet inserts,
vinyl wall covering and painted gypsum board ceilings.
Corridors and elevator lobbies are fire rated and have
separation doors on magnetic hold-open devices.
Flooring: Floors consist of floor tile and carpet inserts in lobby area
and fully carpeted in the corridors.
HvaC: The building contains a water source, heat pump, and roof-
mounted system. Originally designed with manual zone
controls, it has been renovated and is now centrally controlled
by a computer-monitored energy conservation system which
allows tenants the ability to change temperatures from their
space as well as system activation for after hours usage.
electrical: The electrical system is 3,000 amp, 480/277 voltage. An
emergency lighting system is available for the entire building
with a roof-mounted generator.
Restrooms: Bathrooms have floor tile and wainscoting, painted gypsum
board ceilings and granite countertops.
Landscaping: The facility features concrete curbs and walkways, natural
vegetation landscaping, and exterior lighting. All planting is
sprinklered or irrigated.
Fire/Life safety: The building is 100% sprinklered. There is a 10,000 gallon
water tank with a pump in the basement as a reserve water
security: The Property offers a card key access system.
tax Rate: 1.10195% plus $18,655 in fixed assessments
Utilities: Electricity: San diego gas & Electric
gas: San diego gas & Electric
Water/Sewer: City of San diego
Police/Fire: City of San diego Police and Fire dept.