Uber announces move to Oakland
Walton Street Capital has sold the historic Uptown Station property in Oakland, Calif., to tech firm Uber for $123.5 million, or $332 per square foot, according to Real Capital Analytics. Walton Street Capital declined to comment on the acquisition.
The property will serve as office space for Uber.
The sale comes less than two years after Walton Street Capital’s Fund VII purchased the asset — which at one point served as a Sears department store — in 2014 for $24.3 million from Sears, Roebuck & Co. The purchase marked Walton Street Capital’s entry into Oakland
After the purchase, Walton Street partnered with Lane Partners and began the process of redeveloping the property into amulti-tenant building, including 322,000 square-feet of creative office space and 50,000 square-feet of first-floor retail.
Lane Partners and Uber will work together to continue the redevelopment into Uber’s image. The firm plans the r