CIM Group Takes Over Redevelopment Of Uptown Station
CIM Group has finalized its deal to buy Uber’s Uptown Station and will complete the redevelopment of the 356K SF eight-story building in downtown Oakland. The Class-A creative office building will include 35K SF of ground-floor retail. CIM paid $180M for the office, according to the San Francisco Chronicle.
Uber decided to sell the building, which was expected to be its East Bay expansion, after choosing to consolidate operations at its new Mission Bay headquarters in San Francisco earlier this year. Uber purchased the property at 1955 Broadway from a JV of Lane Partners and Walton Street Capital in 2015 and converted the property to an urban office campus.
The renovation will include contemporary fixtures, a modern color scheme and quality finishes throughout the office and common areas. The building will have a multistory atrium lobby and grand paseo lined with shop space.
The building, a former Depression-era department store, also will offer 78K SF floor plates on three floors and outdoor deck space, according to CIM Group co-founder and principal Avi Shemesh. The redevelopment is expected to be completed in late 2018.
CIM’s other office holdings in Oakland include a 1.7M SF portfolio of Class-A buildings and Jack London Square, a dining, entertainment, retail, recreation and office complex on the Oakland waterfront.