August 22, 2017
Two Oakland City Center office assets, 505 14th Street and 1300 Clay Street, totaling 367,357 square feet of space, have traded hands for reportedly $159.8 million. KBS Capital Advisors acquired the assets for its KBS Strategic Opportunity REIT II portfolio from San Francisco based Rubicon Point Partners and Canyon Partners Real Estate LLC.
505 14th Street is a 172,273-square-foot, 12-story office tower built in 1985. 1300 Clay Street is a 195,084-square-foot, 11-story office tower built in 1990. Currently 92% occupied, the properties sit atop the 12th Street BART Station.
NKF’s Steven Golubchik, Grant Lammersen, Tim Walling, and David Hosler represented the sellers.
Golubchik says, “As Oakland’s urban renaissance continues, the new owner is in an ideal position to bring existing tenants to market rents. Historically, Oakland has been a long-time benefactor of spill-over from tenants priced out of San Francisco, however, Oakland has now stepped out of San Francisco’s shadow.”
For comments, questions or concerns, please contact Dennis Kaiser