April 20, 2016 Comments Off on DivcoWest, Harvest Properties Selling Pair of Oakland Assets Views: 351 Bay Area, California, California News, West

DivcoWest, Harvest Properties Selling Pair of Oakland Assets

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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.

Read More at San Francisco Business Times

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