CIM Group Plans To Buy Uber's Uptown Station For $175M
CIM Group plans to acquire Uber’s Uptown Station office in Oakland for $175M. The developer plans to invest another $50M to complete the renovation of the 380K SF former Sears building, the San Francisco Business Times reports. Uber originally paid $123.5M for the building in 2015 when Lane Partners and Walton Street Capital sold the property.
Uber planned to create an East Bay office, but the ride-sharing company said in August it would sell its office building and consolidate its operations in Mission Bay in San Francisco. This led to the proposed anchor retail tenant, Newberry Market grocery store, abandoning plans at the site.
Nearly three dozen companies bid on the property. Newmark Cornish & Carey represented Uber.