815,000 Square Feet of Office and Retail Space in Three Class A High Rise Buildings
February 11, 2015
KBS and C&W Team Up
KBS Real Estate Investment Trust III (KBS REIT III), a real estate investment trust based in Newport Beach, California has awarded Cushman & Wakefield the exclusive leasing and property management contracts for The Towers in Emeryville, California, located on Emeryville’s prestigious waterfront.
Spearheading all leasing efforts for the 815,000-square-foot project are a seasoned C&W brokerage team led by Ryan Hattersley, Daniel Bisabri, Elisa Konik and Zach Siegel.
“We are incredibly excited to be working together with KBS on The Towers, Emeryville’s premiere office project. KBS plans to make significant improvements to the project and to construct spec suites that are unmatched in quality in the entire East Bay market. This will allow our Tenants to elevate their businesses to the next level. We think there is significant demand and a lack of supply when it comes to high quality creative space in the East Bay and plan to meet that need,” said Hattersley.
Three Class A High Rises
The Towers, which are comprised of three Class A high rises, were originally built between 1972 and 1985 and were renovated in 1998 and again in 2012. The Towers is a best-in-class urban campus environment offering spectacular views of the entire Bay Area, a fitness center, conference center, and combination of onsite amenities, easy access to transit, nearby hotels, restaurants, retail and quality housing alternatives.
According to Steve Ring, Managing Director for C&W’s Northern California Investor Services: “We are more than delighted to be awarded this high profile assignment from KBS. Cushman & Wakefield is dedicated to partnering with them to meet their goals of enhancing the tenant experience at The Towers. KBS is making further improvements to the asset and our team will be working with them to make sure their management and leasing strategies are executed. Using our multitude of service lines, we are providing KBS an integrated approach for success.”
One of the Best Assets in the Market
After purchasing the property earlier this year, KBS Western Regional President, Rodney Richerson said: “We consider this to be one of the best assets in a market that is seeing increasing interest from financial service and technology-oriented users who do not want to pay the high rents associated with downtown San Francisco. As San Francisco goes, Emeryville has historically followed.”
The Towers recently went through multimillion dollar upgrades and KBS plans to make additional changes and renovations immediately, including a permanent tenant lounge and conference center that will hold up to 150 people and will serve as an ideal venue for meetings and entertainment that will tie into an attractive outdoor common area with great views.
KBS Capital Advisors is an affiliate of KBS Realty Advisors, a private equity real estate company and SEC-registered investment advisor founded in 1992. Since its inception, KBS Realty Advisors and its affiliated companies have completed transactional activity of exceeding $31 billion via 14 separate accounts, six commingled funds, five sovereign wealth funds and six non-traded REITs. For information, visit www.kbs.com.
About Cushman & Wakefield
Cushman & Wakefield advises and represents clients on all aspects of property occupancy and investment. Founded in 1917, it has 248 offices in 58 countries, employing more than 16,000 professionals. It offers a complete range of services to its occupier and investor clients for all property types, including leasing, sales and acquisitions, equity, debt and structured finance, corporate finance and investment banking, appraisal, consulting, corporate services, and property, facilities, project and risk management.
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