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8/23/17
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KBS Strategic Opportunity REIT II has acquired Oakland City Center, consisting of two Class A office buildings totaling 367.4k sf of space. The buldings, located at 505 14th St and 1300 Clay St, traded for $155 mil ($422/sf).
Constructed in 1985 and 1990, the 505 14th Street building stands 12 stories tall, while the 1300 Clay Street tower is 11 stories in height. The property is currently 92% leased.
Oakland City Center is conveniently located to provide tenants with views of both Downtown Oakland and San Francisco. With a new generation of young professionals entering the area from San Francisco’s overflow, 7,500 housing units are planned and under construction within half a mile of the property. Oakland City Center offers tenants local advantages such as easy access to the 12th Street BART station, the region’s most central station, and the area freeway.
“The area is filled with great amenities, such as fitness centers and lodging, and provides tenants with access to the busiest BART station in Oakland,” said Michael Potter, KBS vice president.
Steven Golubchik, Grant Lammersen, Tim Walling and David Hosler of NKF represented the sellers, Rubicon Point Partners and Canyon Capital Realty Advisors, in the transaction.
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