Downtown San Diego’s skyline just got a new power player. Golden Columbia, the real estate platform sponsored by GANMI Corporation, has closed on One Columbia Place and Two Columbia Place, taking control of two Class A office towers that together span roughly 708,000 square feet. The buyer says the deal kicks off a long-term repositioning program for the full block, and the parties are keeping the sale terms under wraps.
Leasing team named
On the leasing front, JLL has been tapped as the exclusive advisor for both towers. The brokerage’s listing for 2 Columbia Place names Tony Russell, Richard Gonor, Pascal Aubry-Dumand and Ryan Taquino as the leasing team and shows current space availability and contact information, according to JLL.
Deal specifics and management
As reported by Connect CRE, Golden Columbia’s purchase includes One Columbia Place, a 27-story, roughly 556,943-square-foot tower at 401 W A St., and Two Columbia Place, a 12-story, approximately 150,680-square-foot building at 1230 Columbia St. The buyer says it plans to roll out phased property enhancements. CEO Eric Gan summed up the approach by saying, “Our philosophy is simple: build places that people want to be in,” and Golden Columbia has enlisted CBRE to handle property management as the upgrades move forward.
A history of turnover
The Columbia Place towers have already seen their share of trading hands. Regent Properties acquired the Columbia Place buildings in 2021 as part of a larger downtown San Diego office portfolio, according to a press release at PR Newswire. That prior deal highlights how investors have been actively repositioning major San Diego office assets in recent years.
Downtown context
All of this is playing out in a market that is still working through some serious vacancy issues. Cushman & Wakefield’s Q4 2025 MarketBeat pegged countywide office vacancy in the mid-teens, while local advisories have warned that vacancy and shadow space in the central business district sit well above that county average. A Q2 2025 report from occupier advisers flagged downtown vacancy, including shadow space, climbing into the 30-plus percent range, a trend that helps explain the current push for amenity-heavy repositioning strategies, according to Cresa.
What to watch next
With JLL on leasing and CBRE overseeing property operations, Golden Columbia’s next move is to deliver phased lobby, amenity and tenant-service upgrades aimed at keeping the Columbia Place towers in the mix with newer, amenity-rich competitors. If those changes can materially boost occupancy and tenant retention over the next 12-18 months, this deal could serve as an early test of how far amenity-led transformations can go in reviving demand for downtown San Diego offices, as noted by Connect CRE.
