UBS AG plans to buy the Clorox Building in Oakland, marking another major institutional investor entering the East Bay city's office market.
The Swiss financial services firm is under contract to buy the 521k SF building at 1221 Broadway—the city's sixth-tallest building. Owner Westcore Properties bought the building at the end of 2012 for $110M. The sales price could be around $182M, according to the San Francisco Business Times.
Clorox occupies about half of the fully leased building and has a long-term, below-market lease. In Q3, Brown & Toland medical group signed a 59,500 SF lease, while Union Bank leased 37,200 SF. [SFBT]
