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8/01/16
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Principal Real Estate Investors has retained Cushman and Wakefield for leasing services at 555 City Center, a 485k sf, Class A office tower in the heart of Oakland’s City Center. C&W’s John Dolby and Dane Hooks will maintain their post as leasing brokers for the project. Principal Real Estate Investors advised the property’s new owner in their recent purchase.
Developed in 2002, the 21-story 555 City Center is a prominent fixture to the downtown Oakland skyline. Located at 555 12th St, the LEED Gold, high-quality freestanding office tower consists of first class, high-end finishes complemented by world-class views of the San Francisco Bay and East Bay hills. The property also includes ground-floor retail space.
Renowned for its ideal location, 555 City Center is conveniently located nearby public transportation, with the 12th Street BART station located just below the property, as well as convenient access to AC Transit, the Oakland Ferry and Ride Share. The property is positioned within a few blocks to Interstates 980 and 880 providing tenants with convenient access to major Bay Area thoroughfares. There are also several retail shops, restaurants, a fitness club, financial services and lodging options offered within just a few blocks.
Historically, 555 City Center has maintained highly stable occupancy and is over 90% leased. The tower is home to the worldwide headquarters of Ask.com and Matson Navigation, and contains regional offices for a range of businesses including Clear Channel Communication and Old Republic Title Company.
Nearly 15 years ago, Dolby had previously worked on the marketing assignment of 555 City Center when the building was developed by Shorenstein Properties in 2002. He was instrumental in negotiating the early lease agreements with Ask.com (formerly AskJeeves.com) that led to the company’s initial occupancy in the high rise. More recently, Dolby and Hooks negotiated deals on behalf of the previous ownership with companies such as Corelogic, TIAA Cref, and Parsons Services. Additionally, Cushman & Wakefield’s own Oakland office is housed in half of a floor in the building.
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