November 20, 2019 Comments Off on Rockpoint, Swig JV Explores Sale of Oakland’s Largest Office Tower Views: 461 Bay Area, California News, Top California

Rockpoint, Swig JV Explores Sale of Oakland’s Largest Office Tower

Rockpoint Group and The Swig Company are considering selling 300 Lakeside Drive, Oakland’s largest office building, in a deal that could exceed $600 million. The nearly one-million-square-foot tower could set a record sale price based on nearby tower sales.

Rockpoint and The Swig Company issued a joint-statement saying, “Following the completion of a major renovation and after securing updated entitlements that further enhance 300 Lakeside’s appeal as a highly desirable transit-focused, urban campus on Oakland’s Lake Merritt, ownership is exploring all options for this signature asset and has engaged Eastdil Secured to assess investor interest.”

Entitlements allow development of up to 1.3 million square feet of office, or an office tower plus a residential tower. The companies added, “300 Lakeside is one of a very few Bay Area locations where a large tenant can access near-term, large block creative space, as well as the long-term ability to grow in one of the Bay Area’s most dynamic and accessible corporate locations.”

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