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Leases Bring Lake Merritt Plaza to 3% Vacancy

OAKLAND, CA-Several new leases were signed at Lake Merritt Plaza during the fourth quarter of 2001, bringing the 460,000-sf, 27-story building to 97% occupancy.

By Michelle Savage | Updated on January 24, 2002

OAKLAND, CA-Several fourth quarter 2001 lease transactions have been negotiated for Lake Merritt Plaza, concluding a banner year for leasing at the 27-story, 460,000-sf granite building. The plaza, which is located at 1999 Harrison Street in Oakland, ended the year more than 97% leased.

“Although the overall Bay Area office market softened considerably in the second half of the year, our activity in Oakland was strong right through the fourth quarter,” said Thomas G. Irish, President of Transpacific Development Company, Lake Merritt’s developer and manager. “We did not witness much of a fall-off in either demand or rates.”

Lake Merritt Plaza leased 131,023 square feet of space in new and renewal office leases in 2001 — more than 25,000 sf in the final quarter of the year. The deals were closed at an average annual effective rate in excess of $41.50 per sf, fully-serviced.

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