OAKLAND, CA—With immediate access to BART at Oakland City Center's 12th Street station, 1330 Broadway was built in the international style of architecture, a modernist movement that is also represented by the iconic design of One Bush St. in San Francisco and Lever House in New York City. The 18-story, 300,000 square-foot building was recently sold by Zimmerman Investments to TMG Partners for an undisclosed price.
While retaining its vintage charm and retro brilliance, there have been some significant structural upgrades and improvements made to the skyscraper during its lifespan. In 1991 and 1992, an updated electrical system, chiller and cooling tower, and emergency generator and fire pumps were installed. In 2001, a seismic upgrade was completed.
TMG will conduct a major renovation of the building interior, including a new main lobby and entrance, new common area finishes, and building systems modernization. Additional upgrades to the property include amenities such as enhanced bike parking, conference facilities, creation of an art program, and a new retail tenant to add to the extensive food and cafe culture in the burgeoning City Center submarket.
TMG partner and development manager Adam Chall, tells GlobeSt.com: "1330 Broadway enjoys wonderful international architecture and is perfectly located right on top of BART, in addition to being surrounded by great area amenities. TMG's plans for renovation will improve the building to meet today's tenant desires for great views and open floor plans. We also plan to enhance on-site amenities to make this one of Oakland's most fantastic places to work."
Completed in 1958, the multi-tenant office building was designed and built to be a featured fixture of the downtown Oakland skyline. Along with steel and porcelain enamel, the generous use of large, contiguous plate glass windows provides maximum daylight and expansive views of the East Bay. The tower also boasts flexible floor plans to accommodate a variety of company needs and uses, with spaces ranging from smaller suites to full floor users and greater. One of the building's most key conveniences for tenants is the adjacent nine-story, 87,500 square foot parking facility that provides direct access to the tower. As well, Oakland's major fiber optic and telecommunications lines run adjacent to the property with the 450,000-square-foot AT&T switch facility positioned one and a half blocks north.
Michael Covarrubias, chairman and CEO, TMG Partners, tells GlobeSt.com: "While TMG has been very active across the Bay Area and in Emeryville in the East Bay, we are pleased with 1330 Broadway as our first major downtown Oakland project. The building has tremendous long-term merit and appeal to a growing variety of tenants."
1330 Broadway is situated at the corner of 14th Street and Broadway atop to the City Center 12th Street BART Station—the transfer point to all destinations within the BART system. Additionally, AC Transit runs continuous service along Broadway with a bus stop in front of the building. Additional transportation services include the Alameda Oakland Ferry, Amtrak and Broadway shuttle.
The tower is located within five minutes of Interstates 580, 880 and 980, which provide direct connections to San Francisco, Berkeley, Contra Costa County, Southern Alameda County and Silicon Valley. It also provides convenient access to the Bay Bridge and the San Rafael Bridge. The property is also in close proximity to many of Oakland's favorite attractions, including Preservation Park, Chinatown, Old Oakland and Jack London Square.
"TMG looks forward to the opportunity to restore and modernize this architectural gem. We believe that the amenities, views and planned renovation will make this one of the top choices for office tenants in Oakland," said Chall.
John Dolby and Dane Hooks of Cushman and Wakefield represented both parties in the transaction.
As recently reported, TMG is seeking additional opportunities such as this one.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
