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April 14, 2021
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NORTHERN CALIFORNIA NEWS
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Oakland Office Building Trades in $400 Mil Deal

3/08/21

In a major Bay Area office trade, Mapletree Investments, out of Singapore, has purchased Uptown Station, a Class A, 397k sf office/retail building in Oakland. The 1920s-era property was sold by CIM Group in a transaction said to worth well over $400 mil.

Built in 1929, Uptown Station is located at 1955 Broadway, south of Grand Ave about midway between I-980 and Lake Merritt. It sits above the 19th Street Bart Station.

CIM Group acquired the asset from Uber in late 2017 for around $180 mil. At the time, it was basically department store space prior to a creative office conversion undertaken by Uber, and then completed by CIM Group.

The majority of the space, about 350k sf, was leased by CIM in 2018 to Square, although the company reportedly is not currently occupying all of it. Existing tenants leasing the property’s 35k sf of retail space include Shake Shack and One Medical.




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