Home Federal Bank

A bright future for a historic building.

The former HomeFed building on Broadway in Downtown San Diego, formerly known as the John D. Spreckels building, was constructed in 1927 and is a designated historical building. Originally built for the Bank of Italy, who later became Bank of America, this location ultimately became the main branch for HomeFed Bank who occupied the entire building and put over $13M in improvements into the building. Following the Savings & Loan Crisis in the early 90’s, the building was sold in 1994 to a group of 10 Physicians who purchased this property through a tax-deferred exchange. Unfortunately, during this time, little to no capital improvements were made on the building with little spent on preventative care of the more than 240,000 SF of facilities.
Over the next 8 years, the owners had tried to sell the building multiple times, with two failed escrows to developers who attempted to convert the building to a hotel. After receiving the listing, Tashakorian was able to procure 3 offers with the ultimate buyer closing the deal in less than 60 days, All-Cash. It was Tashakorian’s knowledge of the building, the submarket and the other downtown San Diego players that allowed him to leverage these offers against each other and secure the highest price for the seller.