American Realty Advisors and Westcore Properties have sold 1221 City Center, a 24-story, 521,177 SF tower in Oakland's CBD, the companies announced yesterday.
The LEED Platinum building is within Oakland's mixed-use City Center development at the intersection of 12th Street and Broadway. The sale was timed to capitalize on the strong demand for high-quality office assets in the Bay Area, says Kirk Helgeson, chief investment officer for American Realty Advisors. The strategy when the companies bought the property in 2012 was to renovate it, lease up the remaining vacancy and sell it, he says.
UBS AG bought the building, also known as the Clorox building, for $179.8M, or $345/SF, according to The Registry.
The companies made nearly $21.5M in capital improvements to the property, which has 98% occupancy. Eastdil Secured repped the sellers in the transaction.
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