These Four Deals And Projects Show How Hot It Is In Oakland
Oakland is booming. More companies and families are eager to call San Francisco’s sister city home and the real estate market is responding. Bisnow took a look at four of the biggest deals and projects. Want to know more? Come to our Annual Multifamily & Mixed-Use event June 28 at the Embarcadero Business Park.
Oakland’s $1.5B project hopes to bring 62 acres of housing, retail and greenspace to the market. The ultimate plan is for 3,100 units of housing (around 465 will be reserved as affordable housing) and 200k SF of retail. A team lead by Signature Development Group has worked on environmental and basic infrastructure since 2014. Now Signature hopes to start work on the first 241-unit residential building by the end of 2016 for a 2018 open.
Uber is valued at $62.5B and that gives it a war chest to shop for prime real estate. The ride-sharing company purchased the 400k SF Sears Building last year and will move its headquarters there. It acquired the building from Lane Partners, which bought the property in 2014 for $24.2M and started a $40M renovation and repositioning effort. The mixed-use project, now called Uptown Station, offers 50k SF of retail and restaurant space, adding to the draw for office workers and locals.
555 12th St
Principal Financial Group is set to buy the 490k SF office building at 555 12th St from Harvest Properties for more than $200M. The building hosts tenants such as Corelogic, which occupies 23,800 SF. A flurry of institutional money has flooded Oakland in recent years as deep-pocketed investors sought exposure to Bay Area trophy real estate.
The Sierra Club was a San Francisco fixture since its founding in 1892. Rising rents, however, forced the environmental advocacy nonprofit to move. Brown & Toland leased 38,800 SF of office space to Sierra in Oakland at 2101 Webster. The building is LEED certified and features LED lighting—something that should strike the right note with sustainability supporters.