Blackstone to purchase Uptown Station in Oakland
Blackstone has plans to purchase the 396,808-square-foot Uptown Station office building in Oakland located at 1955 Broadway, according to The Registry, which reported it first.
The sales price was estimated to be $405 million.
CIM Group is the seller, after less than two years of owning it, buying the property from Uber. It would be the building’s fourth sale in five years. Lane Partners owned it prior to Uber purchasing it.
Oakland is still a market for companies looking to expand or relocate, despite low deal activity in the fourth quarter 2019, reported JLL. Since 2010, tenants migrating and/or expanding into Oakland have accounted for as much as 2.0 million square feet.
The outlook for the Oakland metropolitan office market remains stable for the time being, reported Colliers International. However, the slow trickle of the development pipeline is noteworthy. Despite 600,000