SKB Acquires East Bay Buildings for $62M

SAN FRANCISCO-Scanlan Kemper Bard of Portland, OR has acquired two office buildings in the East Bay area for a combined $61.5 million. The Portland-basedreal estate merchant banking firm, through SKB Real Estate Investors LP and a co-investment vehicle, now takes title to the 43,661-sf Berkeley Tower in Berkeley and the 123,200-sf Jackson Center I & II in Oakland.

The seven-story Berkeley Tower was constructed in 1983 and sits on approximately a fifth of an acre in Downtown Berkeley at the corner of Shattuck and University avenues. The eight-story Jackson Center I & II was completed in 1962 and sits on nearly 1.4 acres at the intersection of 11th and Jackson streets in the Oakland CBD.

Overall occupancy is 80.5% at the two buildings, providing the new owners with potential upside both by filling the vacancy and raising rents when leases roll over.Bob Scanlan, SKB Chairman and CEO, points out that San Francisco rents have risen to levels not seen in the marketplace since 2000.