OAKLAND, CA-Those who follow @GlobeStcom on Twitter and @GlobeStLIVE may have seen a post teasing the announcement, but GlobeSt.com has learned that Emeryville, CA-based Harvest Properties has purchased 555 City Center here in Oakland, CA with partner Prudential Real Estate Investors. The seller was CBRE Investors.
While sources involved tell GlobeSt.com that they cannot disclose a purchase price at this time, John Winther, founder and managing partner of Harvest Properties, says that “the downtown Oakland market is very attractive to companies who seek unparalleled access to public transportation and a first in class business environment.” He adds that 555 City Center “is well situated to weather any downturns and benefit from market upswings.”
Investment brokers involved in the transaction include Jeffrey Weber, Stephen Van Dusen, Mark Penrod, Darin Rodriguez and Daniel Cichocki of Eastdil Secured.
555 City Center is a 20-story, trophy quality class-A office tower and mixed-use development in downtown Oakland. Centrally located, the 490,000-square-foot, LEED Gold certified building is the flagship of the Oakland City Center development, the East Bay's premier business destination. The building is situated in a transit-oriented location directly above the primary hub for the Bay Area Rapid Transit system.
According to a recent office market overview of the Oakland and East Bay area from Marcus & Millichap Real Estate Investment Services, “office users and developers took a breather in Oakland during the first half of the year, though leasing activity is anticipated to resume in the coming months as companies target the East Bay's lower-cost options.”
Asking rents in San Francisco and San Jose have climbed 46% and 22%, respectively, since the recessionary lows, according to the firm. And “companies that signed leases while rents were low in those two markets will soon come into the 90- to 180-day negotiation periods, and may consider moving across the bay to Oakland to manage bottom lines.”
Average rents in the East Bay are almost half those in San Francisco, says the Marcus & Millichap report, “proving ample incen
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
