Oakland 278 KSF Office Tower Changes Hands

In a partnership with KRR's Real Estate Partners Americas Fund, Harvest Properties acquired a 15-story building in Oakland, Calif. The property is located directly across from Lake Merritt and its adjoining park.

180 Grand Ave. in Oakland, Calif.
180 Grand Ave. in Oakland, Calif.

Harvest Properties and KKR purchased a 278,596-square-foot, Class A office building in Oakland, Calif. from a partnership between Ellis Partners and Artemis Real Estate Partners. At the time of sale, the property was 95 percent leased.

Asset Amenities

Located at 180 Grand Ave., the 15-story property offers convenient access to multiple bus stations, restaurants and hotels, including Ike’s Place and Avondale Hotel. Additionally, the office tower is situated directly across from Lake Merritt and its adjoining park. The asset features a dedicated shuttle service to the 19th Street BART station, bike storage, a fitness center and nearly 550 parking spaces. Tenants at 180 Grand include Bank of America, AMEC Foster Wheeler and Healthnet of California.

Completed in 1981, the property underwent cosmetic renovations in 2002. According to Yardi Matrix, Ellis Partners acquired the building in 2014 from CalSTRS for $65 million. The sale was subject to a $42.5 million loan from Wells Fargo Bank.

Earlier this year, Harvest Properties and LaSalle Investment Management acquired a 126,345-square-foot office/flex building in Foster City, Calif.

Image courtesy of Yardi Matrix