|
|
12/19/14
|
San Francisco-based Ellis Partners has acquired 180 Grand, a 277k sf, multi-tenant office building in downtown Oakland. The project was acquired from an institutional investor.
The property, located at the southern edge of Broadway/Valdez specific plan district, represents the fifth purchase by commercial developer/investor Ellis Partners with capital partner Artemis Real Estate Partners. The price was not disclosed.
180 Grand is a 15-story building located at the prominent corner of Grand Ave and Harrison St, adjacent to Oakland’s Lake Merritt. The property includes a surface parking lot and a nine-story parking structure across the street. It features spectacular views, an on-site café, fitness center, secure bicycle parking and a dedicated shuttle to BART (located six blocks away).
“This is a well-leased, institutional quality asset. It has been well-maintained in a market with high barriers to entry for new development,” said Gordon Hess, Partner and Managing Director of Ellis Partners. “There is a strong and diversified tenant roster in place and the building offers dramatic views and good curb appeal, which we plan to significantly enhance. It is well-positioned to capture the benefits of the improving Oakland office market,” he added.
The property earned a LEED Platinum designation in 2013. It was recognized as the Building of the Year by BOMA in 2008 and has received Energy Star awards for efficiency each year since 2007.
“We are thrilled to be investing again in Oakland and adding to our existing holdings here,” said Jason Morehouse, Partner and Director of Acquisitions at Ellis Partners. “The market is continuing to benefit from both the organic growth of its existing tenant base as well as migration from San Francisco-based companies that are increasingly priced out of that market. Oakland offers a burgeoning urban amenity base, a central Bay Area location, and convenient public transit. Moreover, 180 Grand will directly benefit from the current and projected development within the Broadway-Valdez District and the ongoing revitalization of the Uptown area,” he added.
CBRE will continue its property management assignment for the new ownership.
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
