CIM Group is under contract to buy Uber Technology’s Oakland building at 1954 Telegraph Ave. The sales price has been reported to be between $175 million and $220 million. CIM Group plans to invest another $50 million to complete the renovation.

Uber purchased the old Sears building in downtown Oakland in 2015 for $123.5 million. It was to be Uber’s headquarters; however, the ride-sharing company did not move in. Uber announced plans to sell its Oakland asset in August as part of downsizing efforts to keep employees in one location in San Francisco.

“As we look to strengthen our financial position so we can better serve riders and drivers for the long term, we’re exploring several options for Uptown Station, including a sale,” Uber spokesperson MoMo Zhou said in a statement. “We remain committed to serving Oakland and our broader hometown Bay Area community.”

The company’s CEO, Travis Kalanick, resigned in June amid allegations of a toxic workpla