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9/23/21
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An eight-story, 43k sf historic office building in downtown Oakland sold for $14 mil, or $325/sf. The property, located at 1625 Clay St, is 65% occupied. The buyer intends to implement a renovation program at the building.
Built in 1922 by architect Charles Dickey, the Renaissance Revival building served as PG&E’s headquarters until 1975 and was vacant until 1996. The asset is registered as a national historic landmark. The seller acquired the property in 1996 and conducted a major structural retrofit and historical renovation where it has since served as a multi-tenant office property.
1625 Clay Street features open ceilings, original exposed brick, and on-site parking and offers building signage opportunities. It is just 1.5 blocks to City Center BART and is walking distance to a number of dining and retail amenities.
Anthony Shell, LEEP AP, with Avison Young represented the buyer, Sausalito, CA-based FH One Inc. The buyer also owns 1212 Broadway, a 16-story, 124k sf office building in downtown Oakland. Shell, alnong with Avison Young colleagues Amber Merrigan and David Goldberg, will be handling the leasing of the property.
“The downtown Oakland market is slowly starting to recover from the pandemic-induced slowdown,” said Shell. “Our buyer client is bullish on the market’s long-term strength and liked the asset’s high vacancy and value-add potential.”
Shell noted that FH One Inc has already begun renovation work of the three vacant floors and lobby, with completion anticipated in mid- to late-2022. FH One recently completed a major renovation of 1212 Broadway, restoring the classic elements of the building while providing a modern take and amenitization.
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