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Summit Commercial Closes on $65.5M Kaiser Center Acquisition

OAKLAND, CA-The reorganizing Kaiser Aluminum Corp. on Friday closes the previously announced sale of the 753,000-sf Kaiser Center office complex to Summit Commercial Properties for the gross cash purchase price of $65.5 million.

By Brian K. Miller | Updated on March 16, 2003

OAKLAND, CA-Summit Commercial of El Segundo, Calif. has closed on its $65.5 million acquisition of the 753,000-sf Kaiser Center office complex from Kaiser Aluminum Corp. for $65.5 million in cash.

The building is located at 300 Lakeside Dr. in Oakland. The transaction began in November when the publicly traded aluminum products manufacturer filed a motion with the U.S. Bankruptcy Court for the District of Delaware to sell its interests in the building based on Summit’s offer.

Kaiser filed for Chapter 11 reorganization on Feb. 12, 2002. The company hasn’t occupied much space in the building since the 1990s and more than one-third of it was vacant when the disposition process began.

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