Ganmi Corp. to Introduce ‘Experience-Driven’ Amenities to Revitalize Properties
Investment firm Ganmi Corp., led by former SoftBank executive Eric Gan, has acquired two prominent downtown San Diego office towers for just over $100 million. The transaction reflects a broader trend of distressed or discounted office sales in the area, with pricing significantly below prior deal levels.
Downtown San Diego is one of several major U.S. urban cores still grappling with elevated office vacancy rates, particularly among older properties. However, recent activity suggests early signs of stabilization in the national office market.
Ganmi’s acquisition includes the 27-story One Columbia Place at 401 W. A Street and the nearby 12-story Two Columbia Place at 1230 Columbia St., purchased through the firm’s sponsored investment vehicle, Golden Columbia. While the buyer and seller did not publicly confirm the purchase price, CoStar data and public filings indicate a combined total of approximately $103.5 million — less than half of what the previous owner paid in 2021.
The towers, built in 1982 and 1990, were sold by Los Angeles-based Regent Properties.
Ganmi described the acquisition as the beginning of a long-term repositioning strategy aimed at transforming the buildings into dynamic, “experience-driven” destinations. Planned upgrades include premium food halls and hospitality-inspired amenities rooted in Japanese service principles, designed to attract tenants and encourage employees to return to in-office work environments.
“Our philosophy is simple: build places that people want to be in,” CEO Eric Gan said in a statement.
Casey Gan, the firm’s chief financial officer, added that modern office users are seeking more than traditional workspace. “People don’t come back to the office for desks alone — they come back for energy, community, and convenience,” he said.
Downtown Ownership Shift
The sale underscores a broader shift in downtown San Diego’s office landscape. Historically considered a buy-and-hold market where towers rarely traded, the district has seen a wave of ownership changes over the past two years.
Among the most notable sellers was Irvine Co., formerly downtown’s largest office landlord, which sold all six of its towers at prices below previous acquisition costs. The Newport Beach-based firm has stated it is reallocating capital toward faster-growing submarkets, including San Diego’s University Town Center (UTC), often referred to as the city’s “second downtown.”
The shift in ownership comes as downtown vacancy remains elevated. According to CoStar’s latest data, the area’s office vacancy rate stands at 34.5%, significantly higher than the broader San Diego regional rate of 12.7%.
Joshua Ohl, CoStar’s senior director of market analytics in San Diego, noted that vacancy in many downtowns nationwide peaked following the pandemic, as companies adopted remote and hybrid work models and shifted toward suburban locations closer to residential communities and neighborhood amenities.
Since the beginning of 2024, roughly 30% of downtown San Diego’s office inventory has changed ownership. Ohl said the latest transaction continues the trend of assets trading at discounted prices, giving new buyers greater flexibility in lease negotiations and repositioning strategies.
Public records show Regent Properties acquired the two Columbia-branded towers in June 2021 as part of a five-property downtown portfolio purchase totaling $420 million. At that time, One Columbia Place was valued at approximately $182.5 million and Two Columbia Place at about $41 million, for a combined $223.5 million — more than double the latest sale price.
Deal Details
Eastdil Secured represented the seller in the transaction, while Ganmi represented itself. The buyer has appointed leasing agents from JLL — Tony Russell, Richard Gonor, Pascal Aubry-Dumand and Ryan Taquino — to market both towers. CBRE will serve as property manager.
Many of the newer buyers entering downtown San Diego are smaller private investment groups focused on repositioning assets. Their strategies often include incorporating residential, retail and lifestyle-oriented features to enhance value and adapt traditional office buildings to evolving tenant demands.
Source: Original reporting by Lou Hirsh, CoStar News.
