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$200M Jack London Square Project Moves Forward

OAKLAND, CA-The developers recapitalize the 750,000-sf development with equity from the National Electrical Benefit Fund and debt from Bank of America.

By Brian K. Miller | Updated on August 13, 2007

OAKLAND, CA-The developers of Jack London Square here have recapitalized the project. The package includes a new equity investment by the National Electrical Benefit Fund and debt financing by Bank of America. A partnership of Ellis Partners LLC, Jim Falaschi and a CarVal Investors’ managed account has owned the property since acquiring it from the Port of Oakland in 2001.

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.

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