A historic office property in downtown San Diego recently sold to a private investor for a total of $7 million. Local investor HFLP II/Marston LLC was represented by DMJ’s Josh Buchholz and CBRE’s Matt Pourcho, Anthony DeLorenzo, and Hunter Rowe in the purchase of the Marston Building. The four-story building is located at 427 C St. in the downtown area and occupies over 41,000 square-feet of land.
Built in 1881, the building was occupied by George W. Marston until 1898. The property also served as the first office for San Diego’s Federal Savings and Loan. The first gaslamp was placed on the corner of the Marston building in 1885, just four years after the building’s construction. One year later, on March 16, the first electric arc lamp was placed outside the property. The building was restored as part of the Gaslamp Quarter preservation project.
Marston’s department stores were once characterized by local newspapers as the finest department stores, known for their elegance. Marston not only owned department stores in the area, he was also a philanthropist who donated to children’s education and assured that all his employees, regardless of gender, were paid equally.
The property was home to the Marston Family Department store until 1912. Prior to the purchase, the Marston Building served as an office building. During the 1970’s, there was a restaurant on the lower level and a nightclub on the upper level. The possibilities for what the new investors can do with the location are endless.
While many anticipate that the property will remain office space, Pourcho recognizes the value in owning one of San Diego’s “most historic office buildings.” People are moving to the downtown San Diego area for the opportunities. They’re not only looking for downtown San Diego condos for sale, they’re looking for jobs. Investments in office space indicate that employers in the downtown area are looking to hire. Moving to the area would be a major investment, especially for those in the life sciences field.