Big Tech Boosts East Bay/Oakland Office Activity in Q4 2018 – Bright Outlook for 2019

Demand Expected to Pace with 2019 Deliveries Variety of New Deals Supporting Growth, Rents Continue Climbing OAKLAND, Calif., February 1, 2019 – The East Bay/Oakland office market received a big boost from “big tech” in the fourth quarter of 2018, according to Cushman & Wakefield’s recent Q4 2018 market report. Mobile payment company Square’s lease for 355,762 sf at Uptown Station, currently under renovation, in Oakland’s CBD Lake Merritt submarket, helped propel leasing activity in the year’s final period. Meanwhile, vacancy returned to single digits to close 2018 at 9.7%. Molly Herrick, Cushman & Wakefield’s Market Director for the East Bay, said, “Leasing activity ramped up in the fourth quarter driven by Square, one of the largest office deals ever in Oakland’s history. The East Bay/Oakland office market achieved more than 1 msf of gross absorption during the quarter which made up 40% of the market’s total 2.5 msf of [...]

SF Bay Area Life Sciences Vacancy Tight, Rent Growth Strong, with Remarkable Pre-Leasing Activity – Conversion Trend on the Rise to Support Demand

BURLINGAME/OAKLAND, Calif., January 31, 2019 – Increased investment and employment in the life sciences sector has driven life sciences related real estate to new heights, according to Cushman & Wakefield’s new report, Life Science: Great Promise & Rapid Growth. The research provides a big-picture overview of the life sciences sector and its impact on commercial real estate as well as more granular insights into 13 top life sciences markets in the U.S. and Canada. Thanks to an influx of venture capital as well as billions of dollars in funding from the National Institute of Health, the life sciences sector has grown nearly five times as fast as the economy since 2000, adding 85,000 jobs, with roughly 70% of that job growth (61,000) in the past eight years. This is primarily a response to an aging population with increased longevity. By 2030, there will be 73 million Americans aged 65 or [...]

TMG Partners Leases 68,000 SQFT to WeWork at 2201 Broadway in Oakland

SAN FRANCISCO/OAKLAND (Oct. 24, 2018) – TMG Partners, one of the San Francisco Bay Area’s largest mixed-use property developers, today announced the firm leased three full floors approximately 68,000 square feet of office space to global co-working behemoth WeWork. WeWork will occupy three floors in two phases with Phase I commencing immediately and Phase II commencing in January 2020. TMG Partners completed extensive renovations to the building, which includes a façade upgrade, blade signage, fully reimagined lobby and common area, amenity upgrades, new roof, and a complete HVAC, elevator and fire life safety modernization. “The iconic Art Deco-designed Breuner Building, now fully restored and renovated, is a very attractive draw for tenants such as WeWork who want an environment that combines true architectural authenticity with modern design and technology,” said TMG Partners Director of Development David Cropper. “With large floor plates and high ceilings, the property is ideally suited for [...]

Meridian Sells Dialysis Clinic In Oakland, Calif. For $15.7 Million

SAN RAMON, CALIF. – Meridian, a full-service real estate developer and owner of medical real estate, is pleased to announce that it has closed escrow on the sale of its 12,754-square-foot dialysis clinic in Oakland, California. The purchase price was $15.7 million, representing a price of $1,230+-per-square-foot or a cap rate of 5.1 percent. This is Meridian’s fifth transaction in 2018, having acquired four new buildings earlier this year and selling its 104,000-square-foot multi-tenant office building in Brisbane, California in June. The outpatient dialysis clinic is located at 4242 Broadway in Alameda County, in the North Oakland neighborhood in a busy corridor near Kaiser Permanente and Sutter Hospitals on Pill Hill. The site is also positioned within proximity to the MacArthur BART station, Interstate 580 freeway, Highway 24 and adjacent to a variety of retail services. In 2013, Meridian acquired four lots to create a 19,600-square-foot parcel for ground-up construction [...]

Oakland Lands Blue Shield Headquarters and 1,200 Workers

by George Avalos   OAKLAND — Blue Shield of California has agreed to move its headquarters and 1,200 workers to Oakland, the nonprofit health plan said Wednesday, a move that will help it escape fast-rising office rents at its current location in San Francisco. Blue Shield’s move represents the largest relocation of an office tenant from San Francisco to Oakland in at least 30 years. The health care company will move to the City Center complex in downtown Oakland. “This is huge for Oakland,” Mayor Libby Schaaf said Wednesday in an interview with this newspaper. “It’s an amazing time for Oakland. We are seeing unprecedented levels of revitalization and investment in Oakland.” The health care company is leasing a third of the space in the 600,000-square-foot, 24-story 601 City Center building. The office tower is being developed by a joint venture of Shorenstein Realty Services and MetLife. “After extensive evaluation, we believe [...]

2017-03-09T13:13:00+00:00 March 9th, 2017|Categories: In the News|Tags: , , , , , |0 Comments

Uber Shakes Up Oakland With Massive Purchase of Former Sears Building

  By Cory Weinberg Reporter Uber Technologies Inc. will open a large office in Oakland, taking all of the workspace in the refurbished Sears building that will open in two years, according to a source with knowledge of the deal. The deal gives Uber all 330,000 square feet of the building. Uber made the deal official Wednesday morning, announcing it bought the building from Lane Partners, the building's owner, for an undisclosed price. For Oakland, the deal may ignite a real estate market that hasn’t seen a new office building built in over a decade and hasn’t gotten a bite of the region’s huge growth in $1 billion technology companies. It could also give investors more confidence to finance the construction of thousands of residential units that developers want to build. “Oakland just changed. Wow,” Chris Foley, a land broker in San Francisco and Oakland for Polaris Pacific, said when reached by [...]