January 20, 2016
American Realty Advisors and Westcore Properties sold 1221 City Center, a 24-story trophy office tower in the heart of Oakland’s central business district. Sources close to the deal report that it closed for just under $180 million and was sold to UBS.
The 521,177 square foot building features a newly renovated lobby and immediate access to Bay Area Rapid Transit (BART). Kirk Helgeson, American’s CIO shared, “Our strategy at acquisition was to renovate the property, lease up the remaining vacancy, and ultimately create an asset that was attractive to a wide range of core buyers.”
Eastdil Secured represented American and Westcore.