April 20, 2016
Connect San Francisco is taking over the historic and newly renovated Hibernia Bank for the landmark’s first event ever since its grandiose redesign. Register today and join us on May 12th to hear more about what’s happening in CRE in the City.
Soaring office values drove two of Oakland’s largest towers to be listed for sale at prices expected to exceed $200 million. DivcoWest is reportedly selling Lake Merritt Plaza and Harvest Properties, listed 555 12th St. Eastdil Secured is marketing the pair of properties.
DivcoWest acquired the 480,320-square-foot property, located at 1999 Harrison St., for $134.7 million in 2014 from Beacon Capital Partners. Harvest Properties and Prudential Real Estate Investors bought the 490,163-square-foot tower from CBRE Investors for $133.1 million in 2013.
The market’s low vacancy rate of 5%, combined with soaring rents into the $50 per square foot range, has pushed institutional investor demand to new heights. The owners are expecting to realize roughly 50% jumps in asset value.