Swift Realty Partners purchased the Community Towers buildings near the San Pedro Square Market for $40M. The company is going to maximize their investment by spending an additional $6M to do substantial upgrades across the two buildings that comprise 309,235 SQFT of prime Downtown real estate.
The improvements will include redoing the lobbies, upgrading the outside areas, and enhancing the flow between the two buildings. A significant amount of money will also be used to improve the back-end infrastructure such as plumbing, electrical, and mechanical systems.
The San Pedro Area is really turning around nicely and these improvements will hopefully help drive office vacancy rates lower in the Downtown Area.
Source: SVBJ, Hat tip to William Burch