|
|
7/27/18
|
KKR has purchased 1330 Broadway, a 320k sf office building in Downtown Oakland. KKR is making the investment through its Real Estate Partners Americas Fund II.
According to industry sources, the property traded for around $174 mil, or $550/sf. The 18-story tower, which is at the 12th Street Oakland BART station and is directly served by AC Transit, was 83% occupied at the time of sale.
The asset was sold by TMG Partners, who is investing in the new partnership with KKR, and will continue with onsite property management and asset management. TMG acquired the building in November 2015, and will continue to oversee ongoing leasing and capital improvements at the property.
TMG oversaw the redevelopment on behalf of its investor, a sovereign wealth fund. Renovations to the project include a new main lobby and building entrance, new common area finishes, major elevator and building systems’ modernization, refurbished conference facilities, enhanced bike parking, and commuter showers.
Tenants include Oracle, Arup, Clovis Oncology, UCSF, Verizon, Chase Bank, and Citizens Engagement Lab.
“We believe Oakland has attractive long-term secular growth trends driven by its accessibility to transit, a growing retail amenity base, and a meaningful amount of residential development,” said Justin Pattner, Head of Real Estate Equity in the Americas at KKR. “TMG has successfully repositioned the property into a top building in Oakland, and we look forward to the next phase of the leasing business plan.”
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
