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Sign in Sign up for a FREE subscriptionThree Oakland office towers sell for $494m
CIM Group has sold three office towers in downtown Oakland.
An affiliate of Connecticut-based Starwood Capital paid a combined $494 million for the towers.
The office buildings are located at 2100 Franklin St., 2101 Webster St. and 1900 Harrison St.
More than 784,000 square feet has been added as available office space in the Oakland CBD during the fourth quarter, pushing available space in the market to its highest point since first quarter 2013, according to Avison Young’s fourth quarter 2018 report.
Despite the recent influx of available space in downtown Oakland, there was significant leasing activity throughout the market. San Francisco tenants rekindled expansion and relocation activity with recent Oakland leases. Square, expanding from San Francisco, leased the entire Uptown Station renovation project late in the quarter. At 355,000 square feet, this is the largest single lease ever signed in this market and could bring up to 2,000 employees. Als