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Highbridge Equity Partners Closes $48 Mil Oakland Office Buy

2/15/19

Highbridge Equity Partners closed on a very newsworthy office acquisition in Oakland, paying $48 mil for Tribune Tower, a 22-story tower totaling 95.4k sf ($503/sf) of space ion the city’s downtown. The property was sold by Harvest & True North.

Located at 409 13th St, Tribune Tower was originally built in 1906. The seller recently invested more than $12 mil in capital improvements, including an extensive seismic retrofit. The asset is centrally located on 13th Street between Broadway and Franklin, one block from the City Center BART Station and surrounded by an abundance of new housing developments and retail amenities.

The tower features high end creative office finishes with 12’ ceilings, efficient floor plans, 360 degree views of the Oakland Hills, Lake Merritt and the San Francisco Bay, and rare on-site parking. Additionally, it is walking distance to more than 200 retail, dining, and entertainment options and is a one-minute walk to City Center BART.

Steven Golubchik, Tyler Meyerdirk, Grant Lammersen and David Hosler with Newmark Knight Frank represented the seller in the deal. The buyer was self-represented.

“Tribune Tower was 55% leased at the close of escrow. The tower’s roughly 40k sf of vacant, best-in-class office space offers the new ownership immediate leasing upside in downtown Oakland, a submarket that is one of the tightest in the country with a vacancy of under five percent,” said Meyerdirk.




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