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8/03/20
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Jordan Real Estate Investments has awarded the property management services for the Central Building in Oakland to Transwestern Real Estate Services. The agreement includes leasing of the office space at the building, located at 436 14th St.
Built in 1926 as Oakland’s first skyscraper, the 16-story, Beaux Arts-style office tower around the city’s Central Bank has been an East Bay fixture for nearly a century. Now, the locally based owner has tasked Transwestern with bringing the building’s legacy into the modern era, allowing the 136.8k sf icon to remain both community-focused and relevant to tenants in the Bay Area’s competitive market.
“We are highly committed to retaining the charming historical feeling of the building throughout upgrades, such as the upcoming elevator modernization,” said Property Manager Hayley Crickmore. “As we look forward to when all shelter-in-place mandates can be lifted, we have developed a comprehensive plan to help our tenants return to the office safely and smoothly.”
Crickmore, who has managed the property for the past two years, has joined Transwestern to continue overseeing the project, now with expanded resources from a national company and the regional leadership of Blake Peterson, head of Transwestern’s Asset Services for Northern California and the Pacific Northwest.
In preparation for tenants returning to the office, Transwestern developed a Workplace Readiness Workbook, a thorough guide for all property managers, engineers, security and facilities staff with recommendations for social distancing measures in common areas, such as designating one-way traffic, reconfiguring lounge and waiting areas, and proper use of personal protection equipment. The plan can be customized to fit each property’s needs and take into account any inherent advantages, such as the Central Building’s operable windows allowing for healthy air circulation.
“Transwestern transitioned more than 40 Northern California assets into our management platform in the past 18 months,” said Peterson. “With the on-boarding of the Central Building complicated by the COVID-19 pandemic and shelter-in-place order, it allowed Transwestern to immediately provide guidance and add value as owners and tenants are leaning on property management more than ever.”
As Alameda County remains on the California watchlist, recently delaying the opening of nonessential offices, the future of office leasing is the topic of much conversation in the commercial real estate industry. Transwestern’s Second Quarter 2020 East Bay Office Report notes that despite a severe drop in leasing activity in the quarter, demand for office space in downtown Oakland is expected to remain high long term.
In the case of 436 14th St, the building is home to several nonprofits, many of which have continued on-site work as essential services, especially necessary in times of crisis. Overall, the property is well-positioned to handle different economic cycles due to its location, pricing and the ability to accommodate tenants of all sizes, including those who might be looking for smaller footprints as a result of the pandemic.
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