San Diego CA— CBRE announced Procopio, a full-service business law firm, has extended its 126,000 square-foot lease in Downtown San Diego.
Procopio expanded its lease, which was set to expire in November of 2022, by five years under the new agreement. The law firm has occupied the building since 2010 and will keep the same footprint it has had since adding one additional floor at the property last year.
Located 525 B Street, the 22-story office building, named Procopio Tower, consists of approximately 450,000 square-feet of Class A office space. On-site amenities include a gym with showers and lockers, state-of-the-art conference center and six-story parking garage. The lobby has recently been fully upgraded and in conjunction with the extension, a complete refurbishment of the elevators has been initiated. Procopio occupies more than 25 percent of the building, including the top five floors that feature a rooftop garden.
The office property is located in the heart of Downtown San Diego, two blocks north of the popular Gaslamp District which features many popular dining and entertainment venues. Dozens of popular dining options are within a two-minute walk of Procopio Tower, providing easy access to its hundreds of professionals. The building is also within one mile of both the San Diego Convention Center and the home of the San Diego Padres, Petco Park.
“Management was considering its options over the next three years and CBRE brought invaluable insight allowing us to confidently move forward,” said Procopio Managing Partner John Alessio. “The result was a huge win for both Procopio and the landlord.”
Turner, a former longtime managing partner of Procopio prior to transitioning to CBRE, added, “In this transaction, we were able to leverage our extensive knowledge, including the owner’s intent to market the building for sale, to strike an exceptionally favorable deal well in advance of the scheduled lease expiration.”
In Q2 2019, nine industrial properties across four development projects were delivered, totaling 584,366 square-feet, according to a recent CBRE research report. More than 1.2 million square-feet of leasing of warehouse properties generated a positive net absorption of 293,238 square-feet during the quarter. Continued demand and new deliveries kept both low-finish and high-finish asking rates to all-time highs.