Uber announces move to Oakland
Walton Street Capital has sold the historic Uptown Station property in Oakland, Calif., to tech firm Uber Technologies for $123.5 million, or $332 per square foot, according to Real Capital Analytics. Walton Street Capital declined to comment on the transaction.
The property, at 1955 Broadway, will serve as office space for Uber. The building sits above the 19th Street Bay Area Rapid Transit station, and retail anchor Newberry Market, an upscale grocery store, is slated to open in fall 2016.
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 June 2014 for $24.3 million from Sears Holdings Corp. 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 a multi-tenant building, including 322,000 square feet of creative office space