Telegraph Lofts, located at the corner of Telegraph & 27th, was constructed in 1929 for Sears Roebuck & Co., which occupied the building until 1993, when it relocated to a more modern building. The building has been vacant since then.
Oakland's Madison Park Real Estate Investment Trust acquired the 144,000-sf building three years ago and embarked on a $10.5 million restoration project, converting the store into a 54-unit, live-work and retail complex. The live-work units have high ceilings, large window openings, and many architectural details of the original building.
According to a Madison Park representative, five of the retail spaces and eight of the live-work units have already been leased. The property's live-work spaces range from 900 to 1,500-sf, with rents running from $1.50 to $1.75 per sf. None of the units will be sold.
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