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May 28, 2020
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KKR and Harvest Properties Buy 279k sf Downtown Oakland Office Tower


KKR and Harvest Properties have purchased 180 Grand Avenue, a 15-story, 279k sf office building located in the Lake Merritt submarket of Downtown Oakland. The acquisition was financed with a $95.2 mil loan arragned by CBRE and funded through Square Mile Capital Management.

180 Grand is currently 95% leased to an impressive multi-tenant roster that includes AMEC Foster Wheeler, Health Net of California, Marqeta, Bank of America, Charles Schwab and Deloitte. In addition to more than $3.8 mil in recent tenant improvements, the LEED Platinum certified building has recently undergone a substantial $4.7 mil renovation, which has further solidified the buildings stature as one of the elite buildings in the Oakland CBD. The property also includes an adjacent 10-level, 381-stall parking garage.

The property is well located within Downtown Oakland at the corner of Grand Ave and Harrison St, directly across from Lake Merritt and Lakeside Park, allowing for unobstructed views of the lake as well as of Berkeley and the Oakland Hills. The property is located within one block of a Whole Foods Market and is near numerous restaurants, cafes, retail stores and entertainment venues, as well as the 19th Street BART station within Downtown Oakland.

The buyers are looking to capitalize on recent capital improvements and strong leasing momentum in Downtown Oakland. The financing was used to fund the acquisition, capital improvements, and future leasing costs.

The financing was arranged by Brad Zampa, Michael Walker, Megan Woodring and Taylor Shepard of CBREs San Francisco Debt & Structured Finance team. CBREs Russell Ingrum, Seth McKinnon and Tyler Meyerdirk repped the seller in the sale.

Oakland continues to see substantial tenant migration from San Francisco. This influx of tenants has driven the vacancy rate of the Oakland CBD market down to 4.1%, with a Class A vacancy rate of 2.6%, the lowest in the nation, according to CBREs Q1 2017 Oakland Office MarketView.

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