CBRE Investors is Oaklands Newest Landlord

Yes that’s right, CBRE Investors closed last week Wednesday on the Oakland City Center portfolio. The project includes the premier 555 12th and 1111 Broadway properties as well as 1300 Clay Street, 505 14th Street and the City Square. The five locations make up 1.6 million square feet that is 91% leased with a 1,150 stall parking garage. The sale reportedly went through for $360 million or $225 per square foot. Shorenstein bought the property from Bramalea in 1996 for $114 per square foot or $118 million. In 1998 Shorenstein added State Teachers Retirement System of Ohio who is rumored to have triggered the current sale. With the sale also came the development site of 601 12th Street which Shorenstein started two years ago just before the economy came crashing down. Shorenstein will be missed in Oakland and it will be an interesting time to see how CBRE Investors manages the current project. Will Oakland see a 100% occupancy in the project and the development of 601? I guess you’ll have to wait and see and check the blog for the latest information. Stay tuned…