CIM Group acquires Uptown Station from Uber
CIM Group has acquired Uber’s Uptown Station building and will complete the redevelopment that is currently underway, transforming the 1929-era former department store into a 356,000-square-foot, eight-story class-A creative office building.
The sales price was not disclosed in the formal announcement; however it is estimated to be $180 million, according to local media outlets.
The property is centrally located at the nexus of three key arteries, Broadway, Telegraph Avenue and 20th Street and across from a BART station in the emerging Uptown district, a hub for arts and entertainment in Downtown Oakland. Uptown Station will also feature approximately 35,000 square feet of ground floor retail space that will add to the vibrancy of the neighborhood that is attracting new restaurants, bars and boutiques.
The renovation includes the use of contemporary fixtures, modern color scheme and quality finishes throughout the office and common areas. The building’s design, including the addition of decks, also maximizes the expansive views of San Francisco, the Bay and East Bay hills. The building will feature a multi-story atrium lobby and a grand paseo lined with shop space that is attractive to many retail and restaurant concepts. In addition, prominent building signage is available, which creates a branding opportunity for a major office tenant. CIM’s completion of the redevelopment program is anticipated for late 2018.
Uber purchased the historic Uptown Station property from Walton Street Capital for $123.5 million.
