Ellis Partners principal Melissa Ellis Evers tells GlobeSt.com that the initial partnership that acquired and rehabbed four existing Jack London Square Buildings and obtained entitlements for seven additional ones sold everything to a new entity that includes all of the original partners plus the NEBF. The total value of the transaction was $200 million and includes the cost of leasing up the existing buildings, she said.
The first phase of the addition will include 250,000 sf of speculative space in four mixed-use buildings, including a 31,200-sf retail and office building adjacent to Oakland's ferry terminus (pictured); a 170,000-sf mid-rise building with 100,000 sf of class A waterfront office space and 70,000 sf of restaurants and food related uses, including a public market; a 1,086-car parking garage; and a 10,000-sf retail building adjacent to the existing Barnes and Noble store for smaller shops.
Evers says the 31,200-sf building is under construction and site work has just begun for the 170,000-sf building. Work on the parking garage will begin later this year and be completed along with work on the 170,000-sf building in late 2008 or early 2009. Work on the 31,200-sf building will be wrapped up by the end of the year, Evers says.
"We've been working on this hard for five years," she says. "This is very exciting."
The second phase of construction will total another 500,000 sf and include two additional mid-rise office and retail buildings and a four-star, 250-room hotel. The total cost of the second phase is estimated at around $150 million, she says.
The National Electrical Benefit Fund is a real estate investment vehicle of the International Brotherhood of Electrical Workers and the National Electrical Contractors Association. The fund has approximately $11 billion in net assets, making it the third largest Taft-Hartley pension fund in the US. The fund is making its first investment in Oakland. NEBF equity investment officer Ryan Whitaker describes the Jack London Square project as being "well-planned" and having "excellent economic prospects."
Ellis Partners principal Jim Ellis says the project's design and components are the result of 200 public meetings and collaboration with "numerous public agencies." Creating a sense of place and maintaining the area's natural and commercial history were identified as priorities. Approximately two acres of open space will be renovated for community events and recreation, including walking and bicycling along the waterfront, Ellis says.
While the owners prepared for the expansion of Jack London Square over the past several years, some of the tenants in the existing buildings it acquired have left and not been replaced. Ellis Partners has said it has been waiting to aggressively market the existing properties for lease until the new projects were under way.
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.
