CIM Group has acquired Jack London Square on Oakland’s historic waterfront from Ellis Partners, Transbay Holdings and DivcoWest. The terms and pricing of the deal were not disclosed.
The 434k SF property is split between approximately 243k SF of office space and about 191k SF of retail space. Jack London Square includes three office buildings, three retail buildings, a parking structure and two land parcels.
The two parcels are entitled for the construction of up to a 665-unit residential tower and a 250 room, 220k SF hotel. CIM Group plans to “[maximize] the value of these parcels" within the scope of the existing entitlements.
The Port of Oakland, which approved the transaction, was enthusiastic about the sale. “CIM has strong financial backing and extensive operative experience managing its vast portfolio of properties,“ says Port of Oakland director of commercial real estate Pamela Kershaw. “We are very pleased to welcome CIM into our portfolio of property holdings as the new master lessee here in Jack London Square.”
New tenants in Jack London Square in recent years are helping to make Oakland a more attractive destination for Millennials looking for work or a place to live.
