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December 15, 2017
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Ellis Partners and Intercontinental Real Estate Purchase Oakland Property for Office Tower Project

3/22/17

By Allen Wolfsheimer

A venture between Ellis Partners and Intercontinental Real Estate Corporation has purchased a 22k sf parcel in the heart of downtown Oakland for development of a Class A office tower. The property, at 1100 Broadway, currently houses the Key System building, an older structure that consists of 34k sf of space on seven floors.

The sale is said to be worth somewhere between $9 and $10 mil. The site was sold by a partnership between San Francisco-based SKS and Prudential Real Estate, which acquired the land and building back in 2008.

The site is directly above the Oakland City Center/12th Street BARTstation, offering easy access to freeways, and accessibility to a variety of retail and business amenities. 1100 Broadway is adjacent to Oakland City Center and the Oakland Marriot with close proximity to the Oakland Convention Center and the revitalized “Old Oakland” district.

The buyer intends to restore and maintain the existing, historic building, built in 1911. The structure was the headquarters of the Key System Railway, which transported East Bay residents locally and across the lower deck of the Bay Bridge to San Francisco. The building was damaged in the 1989 Loma Prieta earthquake and is now vacant.

Plans for the site include building a new 320k sf, Class A office tower on 17k sf of the land, as previously approved. 10k sf of the space will be ground floor retail. We’re told that Gensler has already been brought on board as the project architect. Current plans are for the 20-story project to break ground late this year and to open in 2019.

Michel Seifer, Rob Hielscher and Erik Hanson with JLL brokered the transaction. Chris Roeder, Sam Swan and Jon Elder, also with JLL, have been retained to lead the leasing efforts for the development. Eastdil Secured helped to arrange the selling venture between Ellis Partners and Intercontinental Real Estate Corporation.





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