Spaces, a national co-working firm, has pre-leased a total of 43,540 square feet of space in a seven-story office building in Downtown San Diego’s Little Italy neighborhood, according to a release from a representative of Cushman & Wakefield (C&W). The owner of the building at 1420 Kettner Boulevard, which is now known as Kettner & Ash, is a joint venture between DivcoWest Real Estate Services LLC and Ocean West Capital Partners LLC, the statement says.
According to C&W, the two parties signed a long-term agreement for Spaces to lease three full floors at the property, which is currently undergoing redevelopment into a boutique class-A office project. The property’s renovations are designed by Gensler, and Reno Construction is serving as the project’s general contractor; the space is expected to be ready for users by late 2019, the source reports.
Spaces will occupy the first, second, and third floors of the 123,062-square-foot building, signing several months in advance of anticipated construction completion, according to the statement, which adds that this transaction represents the first official lease executed since the owners began recent reconstructive work at the building.
Improvements to the building include a newly renovated contemporary façade featuring an energy efficient clear glass wall-curtain, a five-story 12-foot x 70-foot LED panel array to be installed in the building’s atrium that will display and exhibit digital artwork, and a large outdoor event patio on the third floor that will be completely renovated and become a common-area tenant amenity, according to C&W. The patio will transition into an indoor/outdoor tenant lounge with seating, an entertainment area, and a kitchen, the statement says. Other key enhancements being made throughout the property will include a new café/restaurant, resort-style showers and lockers, and a private ground-floor tenant patio.
The release also says managing director Derek Hulse and director and Downtown office specialist Philip Roberts, both with C&W’s San Diego office, represented the landlord, while CBRE represented Spaces in the transaction. Hulse is quoted as saying, “Kettner & Ash has received great interest from a diverse tenant base who specifically want to be located in Little Italy due to its access to the freeway and trolley line, the bay, housing and multitude of food and beverage options.”
Roberts comments in the release, “The general appeal of Kettner & Ash is the high-quality aesthetic, large open floor plates, access to multiple modes of transportation including San Diego International Airport, proximity to the waterfront, and an amenity base, which includes dozens of choice dining options within a few blocks that only Little Italy can provide.”
See slideshow of Kettner & Ash renderings below.