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6/16/16
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Principal Real Estate Investors has reportedly reached an agreement to purchase 555 City Center, a 490k sf office high-rise within the Oakland City Center mixed-use complex. From what we hear, the deal has a value of a little over $200 mil.
The sellers are PGIM Real Estate and Harvest Properties, out of the East Bay. The venture had acquired the asset in 2013 for $132 mil.
The 21-story high-rise was developed in 2002 by Shorenstein Company. It was designed by Korth Sunseri Hagey Architects of San Francisco. The building is located at 555 12th St, east of I-980.
Situated in the heart of the city’s downtown, Oakland City Center contains 3.5 msf of mixed-use space covering 12 city blocks. The complex includes 18 restaurants and food outlets, more than a dozen retail shops and services, a complete athletic club and parking for 2,840 vehicles.
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