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5/01/17
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Lane Partners has landed $70 mil in balance sheet financing for 2150 Webster Street, a 10-story, 236k sf office building located in the heart of Oakland’s flourishing Uptown district. The building is currently 100% vacant, allowing for a complete re-branding, repositioning and renovation of the exterior façade and infrastructure to maximize market momentum.
2150 Webster is ideally located in Oakland’s highly sought after Uptown district, which provides convenient access to BART and the neighborhood’s plentiful high-end and casual dining options. The Uptown district is also home to Pandora, Uber’s Uptown Station and a growing number of other prominent Bay Area employers.
The influx of tenants has driven the vacancy rate in the market down to below 4.5% as of the first quarter of 2017, among the lowest levels since CBRE began tracking the market in 1983. This is the lowest CBD vacancy rate in the nation. The creative office building inventory in the Oakland CBD is even tighter than the overall market with an approximate 2% vacancy rate.
Brad Zampa, Mike Walker and Megan Woodring of CBRE’s San Francisco office arranged the five-year, non-recourse, full-term interest only, floating-rate bridge financing at a very competitive spread priced over 30-day LIBOR. The financing was provided by a leading global investment-management fund.
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