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11/22/15
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TMG Partners has purchased 1330 Broadway, a 300k sf office building in downtown Oakland, from Zimmerman Investments. Although a price was not immediately disclosed, industry sources estimate the sale came in around $75 mil, or $250/sf.
Constructed in 1958, 1330 Broadway is an 18-story, high-rise building with immediate access to BART at Oakland City Center's 12th Street Station. The building was built in the International Style of architecture, a modernist movement that is also represented by the iconic design of One Bush St. in San Francisco and Lever House in New York City.
Bay Area-based TMG will undertake a major renovation of the building interior, including a new main lobby and entrance, new common area finishes, and major elevator and building systems modernization. Additional upgrades to the property include amenities such as enhanced bike parking, conference facilities, creation of an art program, and a new retail tenant to add to the extensive food and cafe culture in the burgeoning City Center submarket.
“TMG looks forward to the opportunity to restore and modernize this architectural gem. We believe that the amenities, views, and planned renovation will make this one of the top choices for office tenants in Oakland”, said TMG partner and development manager Adam Chall.
John Dolby and Dane Hooks of Cushman and Wakefield represented both parties in the transaction.
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