The purchase of 1954 Telegraph Ave in Oakland by Uber provided the building's owners with a 5x gross return on their investment.
Uber purchased the building for $123.5M from Menlo Park-based Lane Partners and its partner, Chicago-based Walton Street Capital. The partners purchased the building in June of last year for $24.2M. The companies invested $40M into the building so their net return will be a bit less, but the sale offers a new metric for potential sales in Oakland to be measured against.
The sale is the latest for Lane and Walton. This past June, the companies sold several Apple-leased buildings in Sunnyvale for $117M. Lane had purchased the buildings in 2012 for $23.5M. [TR]
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