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1/31/22
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Highbridge Equity Partners has obtained $111 in refi money on a 300k sf, three-building creative office portfolio in Oakland. Highbridge will apply the debt to repay existing loans and fund future improvements on the properties: Tribune Tower, 1500 Broadway and 405 14th Street.
Tribune Tower has been a long-standing icon of Downtown Oakland since its construction in 1906. The historical landmark building has best-in-class creative office spaces and 360-degree views of Lake Merritt, Oakland Hills and the San Francisco Bay.
405 14th Street, located a block from Tribune Tower, is a 16-story (plus additional penthouse floor) creative office building. With sand-blasted terra cotta façade and notable architectural details, it served for decades as the Financial Center Building. Today, the 405 offers the same architectural grandeur, refashioned for a relaxed, collaborative vibe.
1500 Broadway is a Class A, creative office building in Oakland’s Uptown Station neighborhood. The historic four-story building has frontage on Broadway and is a three-minute walk to the 12th Street BART Station.
Brad Zampa and Mike Walker with CBRE Capital Markets’ Debt and Structured Finance group secured the five-year, floating rate loan from a global investment debt fund.
“We are still seeing an abundance of financing options in the value-add space for transitional office deals in desirable markets like Oakland,” said Zampa. “The majority of loan originators we interface with had record-breaking origination volume in 2021 and expect to set and achieve similar goals for 2022.”
Oakland is the third-largest city in the Bay Area and operates as a major regional economic, transportation, and cultural hub. The city’s diverse economy, proximity to San Francisco, transportation network, and vibrant urban lifestyle makes Oakland a highly desirable place to live, work and play. The Oakland CBD’s tight office market has driven Class A asking rates to $5.46 per sq. ft., according to CBRE research. Rates are likely to rise further in the near term as new construction projects in the Oakland CBD are delivered and leased in the coming years.
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