The Shidler Group Sells 707 Broadway Tower for $48 Million

The Shidler Group Sells 707 Broadway Tower for $48 Million 


SAN DIEGO, Jan. 5  /PRNewswire/ -- The Shidler Group has sold an 18-story
high-rise office building located at 707 Broadway in the central business
district of downtown San Diego (92101).  Total consideration in the purchase
was $48 million.  The Shidler Group purchased the building in September 2003
for $35 million.

The buyer is Arden Realty, Inc., a self-administered and self-managed real
estate investment trust traded on the New York Stock Exchange under the symbol
ARI.

The building totals 180,000 square feet, with an adjacent 12-story, 792-stall
parking structure.

Major tenants in the building include Washington Mutual Bank, the City of San
Diego Attorneys' office, Inter@activate, the law firm of Lowell & Robbin,
engineering firm Parsons, Brinckerhoff, MCI WorldCom, and public relations firm
Nuffer, Smith, Tucker.

Matt Root, a Partner with The Shidler Group, said, "We have successfully
executed our business plan of renovating and leasing this high-profile
property.  The office tower occupancy is over 95% and demand for the parking
garage has never been stronger.  The continued gentrification of the East
Village and ongoing revitalization of downtown San Diego will continue to
enhance the long-term value of this property."

Adam Edwards of Secured Capital Corporation represented both the buyer and the
seller.

The Shidler Group is a national real estate organization that actively acquires
commercial real estate for its own account.  It currently owns and operates
over 8 million square feet of commercial property throughout Texas, Arizona,
Hawaii and Southern California.  Since its founding in 1972, The Shidler Group
and its affiliates have facilitated the acquisition of over 145 million square
feet of commercial property.

The western regional headquarters of The Shidler Group is located at 10188
Telesis Court, Suite 222, San Diego, California, 92121.  For more information,
contact Matt Root at [phone], Ext. 239.

Based in West Los Angeles, Arden Realty, Inc. is a fully integrated real estate
company and the largest landlord of office buildings in Southern California. 
Arden has a portfolio of 120 properties consisting of 192 buildings and
approximately 18 million net rentable square feet.  The company's in-house
operations include leasing, property and asset management, construction,
development and acquisition.

For further information, please contact Matt Root of The Shidler Group,
[phone], ext. 239; or Dan Peoples, [phone], for The Shidler
Group. 

DATASOURCE: The Shidler Group



CONTACT:  Matt Root of The Shidler Group, [phone], ext. 239; or

Dan Peoples, [phone], for The Shidler Group

Copyright