OAKLAND, CA—Timing is everything, which is the case with the LEED Platinum office tower located at 1221 City Center in the heart of Oakland's CBD. The 24-story tower recently sold to an undisclosed buyer, and the timing of the disposition was specifically choreographed to play on the strength of the Bay Area office market, says American Realty Advisors and its partner, Westcore Properties.
Kirk Helgeson, American's chief investment officer, tells Globest.com: "The Bay Area market has been performing tremendously well and is continuing to drive demand to its surrounding submarkets, including Oakland. As office rents continue to increase throughout the San Francisco CBD, investor interest in Oakland continues to grow. This continued growth throughout the area, coupled with the strong demand for high-quality office product made this the perfect time to sell this asset."
The property encompasses 521,177 square feet and is located within Oakland's thriving City Center mixed-use development at the intersection of 12th Street and Broadway. 1221 City Center features immediate access to BART, views, a newly renovated lobby and common areas.
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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.
