, Holland, NASH, Lowe Top Out $400M San Diego Project – What is a Ground Lease?, Robert Khodadadian

Holland, NASH, Lowe Top Out $400M San Diego Project – What is a Ground Lease?

 Development, Featured, Mixed Use, News, Office, Sustainability, West, Carrier Johnson + CULTURE, Holland Partner Group, JLL, Lowe Enterprises, North America Sekisui House 

West topping out. Image courtesy of Holland Partner Group

A partnership of Holland Partner Group, North America Sekisui House (NASH) and Lowe has topped out West, a $400 million, 37-story mixed-use project in downtown San Diego.

Designed by Carrier Johnson + CULTURE, West will be a WELL-certified project that prioritizes health and well-being. The development is set to encompass 280,000 square feet of office space, 19,000 square feet of retail space and 431 luxury residential units. Holland Construction serves as general contractor. The anticipated completion of West is scheduled for the first quarter of 2024.

Flexible spaces, tenant-focused amenities

The office spaces at West will offer flexible floorplates, ranging from 10,000 to 280,000 square feet, to accommodate a variety of users. Moreover, there are potential expansion opportunities available, allowing for as much as 870,000 square feet of space across two adjacent blocks.

READ ALSO: What Office Users Want in Flex Space Now

The ownership trio tapped JLL Managing Director Tony Russell and Executive Vice President Richard Gonor to oversee the leasing activity at the property.

A lounge, meeting room, gathering areas, ground-floor restaurants and retail shops, as well as direct access to building parking and tenant community engagement programs are among the planned amenities. Hospitality at Work is the on-site property manager.

The ninth floor and 37th floor roof decks incorporate meeting spaces that blend indoor and outdoor elements. These areas also feature green roof spaces, outdoor seating and entertainment areas. To cater to the demands of the modern hybrid work environment, there are additional amenities including a fitness center, private workspaces, conference rooms and flexible areas that complement the office component of the project.

San Diego’s robust construction pipeline

West rendering. Courtesy of Holland Partner Group

Located at 1011 Union St., the property is close to San Diego’s Little Italy neighborhood, offering access to various dining, retail and entertainment destinations. San Diego International Airport is less than 3 miles from West and various transit options are nearby as well.

Despite the anticipated ongoing reduction in the national supply pipeline, construction activity in the Western region, particularly in San Diego, remained relatively robust.

According to the latest CommercialEdge report, developers in San Diego are leading the way with 4.9 million square feet of office space under construction as of April, which accounts for 5.3 percent of the local stock. San Diego ended April with an office vacancy rate of 14.7 percent, the same source reveals.

The post Holland, NASH, Lowe Top Out $400M San Diego Project appeared first on Commercial Property Executive.

 Designed by Carrier Johnson + CULTURE, West is scheduled for delivery in 2024.
The post Holland, NASH, Lowe Top Out $400M San Diego Project appeared first on Commercial Property Executive. Read More 

In the simplest form, a ground lease is a long-term net lease (usually 49 years or 99 years) of land including any improvements on the said land. Assets that can be subject to a ground lease include but are not limited to, vacant land, office buildings, and large residential buildings.

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