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CBRE Relocating Oakland Office to 555 City Center

OAKLAND, CA-The commercial real estate firm has signed a 10-year lease for 9,055 sf on the building's 9th floor. The firm's existing space at 155 Grand Ave. is being absorbed by the Port of Oakland.

By Brian K. Miller | Updated on August 13, 2003

OAKLAND, CA-CB Richard Ellis is relocating its Oakland office to the city’s newest office tower, 555 City Center. The commercial real estate firm signed a 10-year lease for 9,055 sf on the building’s 9th floor. The lease commences in October. CBRE’s slightly larger existing space at 155 Grand Ave. is being absorbed by the Port of Oakland.

None of the parties involved in the transaction would discuss the negotiated lease rate on the transaction, but local brokers tell GlobeSt.com that deals in the building are being done for between $26- and $28- per sf per year, full service, depending on the size of the lease, where it’s at in the building and the cost of tenant improvements. Longer-term deals such as CBRE’s also have included several months of free rent.

CBRE broker Sid Ewing negotiated the transaction for the company. According to CBRE Managing Director Craig Bevan, the company is moving its 40-person Oakland office to 555 City Center in Oakland for a number of reasons, including its high-quality image, location and proximity to BART. BT Commercial also recently leased space at 555 City Center, signing a seven-year lease for 7,749 sf on the 14th floor.

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