OAKLAND, Ca., February 28, 2018 – Cushman & Wakefield has announced it was awarded the exclusive marketing agency to sell, lease or joint venture a large site in downtown Oakland. The property, currently a parking facility, has been owned since 1945 by the locally-based Borsuk/Siegel family. It is comprised of two parcels 1439-43 Alice Street and 1434 Harrison Street totaling approximately 24,000sf.
Cushman & Wakefield’s Palo Alto-based Executive Managing Director, David Klein, Esq. SIOR LEED AP said, “We are proud to share the family’s vision in offering the first project in Oakland (perhaps anywhere) to combine office and workforce housing in a single vertical development.”
Oakland’s current zoning permits approximately 145,000sf for office space, up to 164 residential units, a childcare facility and does not require on-site parking for redevelopment.
Mr. Klein said, “The property’s development as an office/workforce housing atelier meets the ever-growing need for employees to have convenient public transportation options, be in an amenity-rich environment, and freedom from the commute.” He added, “For employees living in the ‘commute-by-elevator’ residence, their work-life balance improves immeasurably by relieving the stress and cost of commuting.”
The property’s central business district location provides excellent connections to mass transit along with a very high walk and bicycle score.
Other location highlights include convenient ingress/egress to and from Interstate 880, easy access to the BART stations located at 12th Street/City Center, 19th Street, and Lake Merritt, and a direct connection to the San Francisco and Oakland airports. And of course the project has access to residential amenities.