KBS Strategic Opportunity REIT II has purchased Oakland City Center, comprised of 505 14th Street and 1300 Clay Street, for $155 million.
“The area is filled with great amenities, such as fitness centers and lodging, and provides tenants with access to the busiest BART station in Oakland,” said Michael Potter, KBS vice president. “Given the recent demand for amenities in the market, KBS is thrilled to add a property, such as Oakland City Center, to the KBS Strategic Opportunity REIT II portfolio.”
The 505 14th Street location consists of 12 stories, while the 1300 Clay Street location stands 11 stories tall. The property was constructed in 1985 and 1990, respectively. These two steel- framed, class-A office towers offer a total of 367,357 rentable square feet. The property is currently 92 percent leased.
“As the Bay Area remains the top market attracting tech talent, we feel this property will serve a supportive office space for professionals entering the area as well as those staying,” said Brian Ragsdale, KBS executive vice president.