July 8, 2016
Menlo Park-based Lane Partners and Chicago-based Walton Street Capital acquired another office property in Oakland at 2150 Webster St. The duo plan to redevelop the 228,000-square-foot building into creative office space.
Lane Partners and Walton Street Capital bought the property from AT&T for $44 million. They expect construction will span more than a year. Gensler is designing the project, while CBRE’s Bill Cumbelich and Matt Kroeger are handling the leasing assignment.
Lane Partners’ Scott Smithers says the column spacing and high ceilings make the 2150 Webster space ideal for adaptive reuse, similar to what was completed for Uber Technologies Inc. Last year, the developer and financial partner redeveloped and sold Oakland’s former Sears Building to Uber.