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1/18/16
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UBS has purchased 1221 City Center, a 521.2k sf, LEED Platinum office tower in the heart of Oakland’s CBD, in a deal said to be worth around $180 mil, or $345/sf. The property was sold by Westcore Properties and American Realty Advisors.
The 24-story tower, also known as the Clorox building, is located within Oakland’s thriving City Center mixed-use development at the intersection of 12th St and Broadway. 1221 City Center features immediate access to Bay Area Rapid Transit (BART), prolific view corridors, a newly renovated lobby, and common areas with exceptional finishes.
According to Westcore Properties’ Don Ankeny, the “extensive recent capital enhancements, the strong tenancy, which features 98% occupancy with an investment grade credit anchored rent roll, and the asset’s direct access to market leading amenities,” were reasons for the significant buyer interest. He noted that the nearly $21.5 mil in capital improvements from the American and Westcore partnership have transformed 1221 City Center into one of Oakland’s premier office properties.
In recent years, the Oakland office market has continued to benefit from the strength of the overall Bay Area economy. “Significant amounts of adaptive reuse development, substantial institutional investment in the office and multifamily sectors, and the rent discount from San Francisco’s CBD has continued to attract high quality office tenants to the area,” noted Ankeny.
American and Westcore were represented in the transaction by Eastdil Secured.
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