Oakland Office Tower Sold As Market Improvement Continues
- Jan 18, 2016
Oakland, Calif. – One of Oakland’s prime office assets recently traded hands as a joint venture consisting of American Realty Advisors and Westcore Properties announced the sale of 1221 City Center. The sellers worked with real estate company Eastdil Secured in the transaction.
Located in Oakland’s CBD, at the core of what is an increasingly sought-after market, the 24-story asset is a Class A office property offering 521, 177 square feet of space. Its position at the intersection of 12th Street and Broadway in the City Center mixed-use development allows for great tenant amenities such as shopping and dining. The office tower also offers proximity to a BART station, allowing for great mobility across the Bay Area.
The LEED Platinum-certified property has a newly-renovated lobby and high-end finishes in its common areas, the direct result of around $21.5 million in capital improvements put in place by American and Westcore. Originally built in 1976, the tower was transformed into an upscale office property that currently operates at just 2 percent vacancy.
As the Bay Area continues its boom, and demand for office space stays high, Oakland will continue to benefit from the overflow coming in from Silicon Valley and San Francisco. Properties such as 1221 City Center will continue to thrive as rents go up, with the quality of office tenants progressively increasing.