Oakland Land Purchased For New Office Tower

OAKLAND, CA-Wilcox Development Services is planning to develop a 500,000-sf office tower and an extended stay hotel on eight acres of land it recently from the Oakland Terminal Railway. The property is located at Yerba Buena and Horton Streets in Oakland, near I-580, a major thoroughfare for commuters traveling to and from Oakland and Emeryville. Greg Hylton, executive vice president of Wilcox Realty Group, declined to reveal the acquisition price. As part of the transaction, Wilcox sold three acres to Extended Stay America, which will begin construction on the 149-room hotel next month.

Dallas, TX-based Wilcox says it will build on the remaining five acres a 400,000-to-600,000-sf office tower. The project is scheduled to begin next fall and completed by spring 2003. It will cost more than $100 million to construct, says Hylton, who hopes to sign leases at $4/sf NNN. More than 250,000 cars travel past the site daily, and nearby, commuters have access to the McArthur BART Station and the Amtrak Station. “This is one of the most visible and accessible office sites in the Bay Area,” says Hylton. “We will begin a pre-leasing campaign in a few weeks with the goal of securing a large user prior to beginning construction. We offer tenants close proximity to San Francisco at a fraction of the cost of renting office space in the City.”