ADCo, a local construction company, is planning the development, which is known as Thomas L. Berkley Square. The project will be located at 20th Street and San Pablo Avenue.
The Alameda County General Services Agency plans to use its new space for its administrative headquarters, as well as for the North Alameda County Self Sufficiency Center, a welfare job training service. Currently, the agency's divisions are located in various areas throughout Oakland. This deal will enable it to consolidate the agency's offices in one location.
The agency's new location will be situated on a 1.6-acre site and will consist of 101,000-sf of office space and 150 parking spaces. The lease deal has an estimated value of $140 million, according to industry sources.
In addition to the agency's office space, Phase I of the Thomas L. Berkley Square project will include 5,000-sf of retail space. The second phase of the project will add another 5,000-sf of retail space, as well as 30 to 50 residential units.
The site is owned by Bank of America's Community Development Banking department, which purchased it through a joint venture with ADCo. ADCo now has an option to buy the site. The company hopes to have all permits necessary to start the project early next year, with completion expected by May 2004.
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.
