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3/24/22
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Bullock Capital purchased a 27.4k sf, creative office building in downtown Oakland from SpringTide Franklin LLC. The property, located at 1504 Franklin St, boasts stunning architectural details from its original construction in the 1920s. According to Alameda County records, the property traded for $13.6 mil, or $496/sf.
The two-story building was 81% leased at the time of sale with a Siemens entity, Comfy | Enlighted, as the anchor tenant. Situated just two blocks from a BART parking lot, the property is near many restaurants and shops. It had been retrofitted in the 1960s and then restored and modernized in 2018.
The improvements included seismic upgrading, new building systems, tech-drive building security and high-end creative finishes, The building boasts three sides of natural light and 18 skylights. It also offers 2k sf of retail space on t lower floor along 15th St.
Will Cliff and Aileen Dolby with Colliers represented the seller in the transaction.
Commenting on the deal, Cliff said, “Fully-renovated to high quality creative standards, the building requires little-to-no near-term physical capital expenditure requirements and is incredibly well positioned to appeal to both tech and traditional office tenants as they seek their return to the office in the post-covid world.”
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