Lankford & Associates Inc. has closed financing and begun construction on a new $140 million office building in Downtown San Diego.

When finished, Broadway 655, a 23-story building at the southeast corner of Kettner and Broadway, will be the first new Class A Downtown office building to open its doors since 1991.

“We are looking forward to delivering a stunning new addition to Downtown San Diego and turning a hard-fought dream into a reality," says Robert V. Lankford, CEO of Lankford and Associates. “Our thanks to our partners, future tenants, CCDC, and others who have supported this dream. They know Broadway 655 will be an important addition to our skyline and the renaissance taking place in the west end. We are pleased to reach this major milestone for the city.”

Lankford says the 410,000-square-foot mixed-use development will include 356,000 square feet of office space, parking for 765 cars, 16,677 square feet of restaurant and retail space, and a four-story residential component on the E Street side. Webcor has been selected to be the general contractor of the union-built project.

Equity partners will contribute more than $33 million to the project and include Lewis Trust Group Ltd., London; National Electrical Benefit Fund, Washington, D.C.; Carrier Johnson, project architects, San Diego; and Lankford & Associates. More than $70 million in construction financing is being provided by U.S. Bank and Wachovia Bank.

Anchor tenant Milberg Weiss Bershad Hynes & Lerach will occupy more than 135,000 square feet of the top seven floors. Other tenants include Best, Best and Krieger, Peterson & Price, and Lankford & Associates. Burnham Real Estate Services will serve as the exclusive leasing and marketing agent for the building.