Barings assumes ownership of Downtown San Diego office building

SAN DIEGO, CALIF., April 4, 2025 –– With the evolving downtown San Diego office market, JLL announced today that Barings, one of the world’s largest real estate investment managers, has assumed ownership of Five50West, a 20-story, 362,822-square-foot office building located at 550 West C Street in downtown San Diego. In managing the property, Barings will invest significant capital into Five50West by adding to its amenities, including the completion of a new conference center, and new spec suites. JLL has been retained to oversee leasing and Transwestern will continue to provide institutional quality onsite property management.

“Our team at Five50West now has the resources to build upon the substantial renovations of the prior owner, secure new tenants that will continue our lease-up trajectory at a more rapid pace, and look for more ways to enhance the experience for current and prospective tenants. We are confident in the success of this property,” said Geoff Smith, Barings Head of Real Estate Equity Asset Management, Western Region.

Leading the office leasing at Five50West are JLL’s Richard Gonor, Tony Russell and Bess Wakeman. Five50West can accommodate a wide range of users from 1,000 to 80,000 square feet, including the top floor which boasts 32 feet ceiling heights, panoramic ocean views and an opportunity for building top signage.

“Downtown remains one of the most desirable office markets in San Diego with its vibrant energy, walkable amenities and a live-work-play lifestyle,” said Richard Gonor, JLL Executive Vice President. “With the San Diego office market experiencing a flight to quality, this building will provide everything today’s employees require. Furthermore, the incoming property owner possesses substantial financial resources, enabling them to effectively engage in discussions with current and potential tenants. This financial clarity and access to capital stands out as a unique advantage in a somewhat turbulent downtown San Diego office market.”

A San Diego landmark and symbol of office grandeur, Five50West is best known for its open concept first floor lobby that seamlessly connects to the expansive outdoor concourse. Architects Room & Board and Gensler and JLL’s PDS team recently completed a $14 million renovation of the building. Inside, the first-floor lobby has been infused with hospitality conveniences using modern finishes that create an atmosphere of sophistication and innovation. These finishes carry through to the upper floors offering vibrant and inspiring workspaces and stunning waterfront and city views to attract top talent. The state-of-the-art, fitness and wellness center features the finest cardio, exercise, circuit-training and strength-extension equipment, towel service, and spa like shower and locker facilities to encourage a healthier lifestyle for the building’s occupants. The increased capacity conference center will support larger meetings and social events. Outside, Five50West has been adorned with new features to enhance the tenant experience. The expanded concourse offers a serene escape from the hustle and bustle complete with comfortable seating areas, collaborative outdoor workspaces and an open concept café. Other enhancements include a tenant lounge, enriched exterior landscape and LED lighting program, and improved parking garage and way finding signage throughout the project.

Five50West is ideally located in the westside of downtown San Diego with panoramic views of San Diego Bay, San Diego International Airport and Balboa Park. It is adjacent to the Santa Fe Depot (Amtrak, Coaster & Trolley), providing immediate access to neighbouring communities and is walking distance to the San Diego Bay, County and Federal Courthouses, Little Italy and other retail amenities.

Barings is a $421+ billion* global asset management firm that partners with institutional, insurance, and intermediary clients, and supports leading businesses with flexible financing solutions. The firm, a subsidiary of MassMutual, seeks to deliver excess returns by leveraging its global scale and capabilities across public and private markets in fixed income, real assets and capital solutions.

*Assets under management as of December 31, 2024