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IXIS Expands at Lake Merritt Plaza

OAKLAND, CA-The Boston-based asset management firm triples its lease commitment in the 27-story class A office building to 12,382 sf. The building owner is Torrance-based Transpacific Development.

By Brian K. Miller | Updated on March 01, 2005

OAKLAND, CA-IXIS Asset Management Advisors LP has expanded and extended its lease commitment at Lake Merritt Plaza, a 27-story class A office building owned by Transpacific Development, a Torrance-based real estate development, investment and management firm. IXIS inked a five-year lease for 12,382 sf, which triples its expiring lease commitment in the building. Lake Merritt Plaza is located at 1999 Harrison St. Transpacific Development VP Alan Pyenson tells GlobeSt.com that IXIS is scheduled to occupy its space in April. He declined to reveal the negotiated lease rate. Sources familiar with the transaction say the average rate is slightly below the $30-per-sf marketing rate for the property and includes turnkey tenant improvements. CB Richard Ellis SVP Bill Walsh represented IXIS in the transaction.IXIS’ expanded lease commitment takes occupancy to just under 90%, says Pyenson. The largest contiguous availability is about 9,000 sf. “There was a lot of activity in the class A market in 2004, with the Lake Merritt area in particular faring very well,” says Pyenson. “We had only one full-floor available and we made the decision to break it up for IXIS.”IXIS senior executive Curtis Overway says the building has good access to BART and “outstanding” views of Lake Merritt and the Oakland Hills. Overway says the expansion is due to considerable growth over the past year in the Oakland office and company wide. The firm’s parent entity, IXIS Asset Management Group, is a $506-billion firm that ranks as one of the top 25 money managers in the world.

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