Ellis Partners in a JV with Intercontinental Real Estate Corp. acquired a vacant parcel in downtown Oakland at 1100 Broadway. The purchase includes the 34K SF seven-story, dilapidated, historic Key System building. The JV acquired the site from a partnership operated by SKS, which purchased the lot and building in 2008. The acquisition price was not disclosed.

The new owners plan to build a 320K SF Class-A office tower, restore the vacant building and integrate the two buildings. Groundbreaking is expected later this year with completion in 2019. The University of California’s Office of the President has already signed a lease for space at 1100 Broadway, according to the East Bay Times.

Gensler will redesign existing plans currently approved for the site.

The development is above the 12th Street/City Center BART station and across from City Center.

"This kind of space is especially valuable in today's marketplace. Employees and employers want Class-A space that is transit-friendly, modern, green and inclusive of modern amenities," Ellis Partners senior vice president Will Miller said.

JLL Capital Markets managing directors Michel Seifer and Rob Hielscher and senior vice president Erik Hanson brokered the transaction. JLL international director Chris Roeder, managing director Sam Swan and vice president Jon Elder will lease up the space.

Eastdil Secured helped to arrange the initial partnership between Ellis Partners and Intercontinental Real Estate Corp.