Howard Berkson’s MetroWork is Downtown’s first office condo from the ground up. (photo/lambertphoto.com)

As Berkson Realty Advisors breaks ground this month on Metrowork, a 27-unit, nine-story office condo project at 1350 Columbia St., Cruzan/Monroe has begun construction on its office condo building across from Petco Park.

“MetroWork will be Downtown’s first office condo from the ground up in San Diego,” says Howard Berkson of the $25 million project.

From the ground up is the key distinction.

T. R. Produce Warehouse developer Cruzan/Monroe just got under way and says it will have the office condo building online in May or June 2006, with Metrowork’s scheduled opening in December 2006. T. R Produce’s project is being built above the original warehouse structure, which Cruzan/Monroe is restoring.

MetroWork

About 50 percent of MetroWork’s units already are sold to clients that include lawyers, an accounting firm, an architectural firm and a mortgage brokerage. The building boasts 60,000 square feet of office space.

“It’s boutique office space and we can completely customize it for our clients,” Berkson said. The building will dedicate 20,000 square feet on the first and second floors to retail space, including a restaurant and bar that will serve as a music venue as well.

“There are so few office condos that we are able to have a selective group of clients,” Berkson says. “It’s a great deal for our clients, whose property will appreciate for their benefit rather than the landlord’s.”

Cruzan/Monroe is developer of the T.R. Produce Warehouse office and retail project.

Office condos offer benefits beyond betting on appreciation, he adds.

“The after-tax cash flow per square foot is well below what it costs to rent, and our clients will have control over the cost of their space no matter how the rental market changes,” Berkson said.

The T.R. Produce Warehouse will include 28 office condos in the 28,000 square feet above the restored building, where an additional 20,000 square feet will serve as retail space. About 30 percent of the office condos have been sold, and others are in negotiations.