Symphony Towers, a 34-story tower in San Diego’s downtown, is back on the market after more than two decades. The property’s current owner, The Irvine Company, confirmed the status of the property to the San Diego Business Journal. However, pricing guidance was not disclosed.
Marketing for the property, which is located at 750 B St., is handled by Eastdil Secured. The property was initially constructed in 1989 and has been owned by The Irvine Company since 2003. At that time, the firm paid $134 million, or about $253 per square foot, for the site.
Symphony Towers spans 530,000 square feet and is home to the San Diego Symphony. The property features a number of amenities, including on-site dining options, a fitness center, EV charging stations and more, a landing page for the property on The Irvine Company’s website shows.
“At Symphony Towers, every workday is a high-value experience worthy of an encore. Granite exteriors and sweeping views project prestige, while unrivaled amenities and concierge-style service create seamless workdays,” the website states.
The property is within walking distance of various off-site amenities as well, with the San Diego waterfront as well as the Gaslamp Quarter nearby. It is also adjacent to the Jacobs Music Center and has direct access to the 5, 94 and 163 freeways.
The San Diego office market overall has struggled over the past several quarters with the rise of remote work. However, according to a fourth quarter office market report from Colliers, San Diego County experienced positive demand at the end of 2023. That report showed that there was net absorption of 289,599 square feet, primarily driven by Class A space. Overall vacancy also decreased by 28 basis points to 13.58 percent. Average monthly rental rates across all classes remained steady at $3.00 per square foot, while rates for Class A space decreased slightly to $3.37 per square foot.
