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March 3, 2016

Two years after signing one of the largest tech leases in Oakland, the owner of 1500 Broadway is now looking to sell the property and capitalize on the city’s strong office market.

Owner Graham Street Realty, the office arm of San Francisco-based Hamilton Zanze & Co., has hired brokerage CBRE to market the building, and a listing will be active within a few weeks, said three sources familiar with the property.

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VSCO, which makes visual design editing apps, leased 49,232 square feet — or more than half of the 88,000-square-foot building — in 2014. The tenant was drawn to the building’s transit access and proximity to restaurants and retail. 1500 Broadway is about a block from entrances to both the 19th Street and 12th Street BART stations.

Read more at the San Francisco Business Times

 

November 20, 2015

Market Street Real Estate Partners has purchased an office complex in Jack London Square for $11.5 million, beating out other national firms in a sign that Oakland is commanding wider investment interest.

Miami-based Market Street previously purchased six San Francisco office buildings and is making its first Oakland deal. It bought three properties, known as The Commons at Jack London Square, which include 384 Embarcadero West, 140 Franklin St. and 160 Franklin St. They total 43,033 square feet and traded for $267 per square foot.

The seller was San Francisco-based Graham Street Realty, the office division of Hamilton Zanze & Co., which bought the property for $7.3 million in 2008,according to PropertyShark, making a profit of $4.2 million in seven years.

“The sale was a good opportunity to exit an asset that we bought at the last market peak, and redeploy the solid gains to advance our investment platform going forward,” said David Messing, principal of Graham Street Realty, said in a statement.

Read the full article at the San Francisco Business Times

 

September 25, 2015

Uber Technologies Inc.’s blockbuster purchase of Oakland’s Uptown Station is a victory for developer Lane Partners. It’s also a huge boon for Oakland’s already-strong office market and its entire downtown area, according to real estate brokers.

Uber made the deal official Wednesday morning, announcing it purchased the 330,000-square-foot building from Lane Partners for an undisclosed price. The sale will have big repercussions for the city.

Oakland’s central business district had a vacancy rate of 6.7 percent, or 1.1 million square feet in the third quarter, according to Avison Young. With the Uber deal at Uptown Station, that figure falls below 6 percent, a low that rivals that of San Francisco. The city’s rent of around $36 per square foot remains about half of San Francisco’s $70 per square foot, but that number is rising as availability shrinks.

Beyond the economics, Uber’s move across the Bay creates serious gravitational pull to draw more tenants, particularly growing tech companies, said John Dolby, an executive vice president at brokerage Cushman & Wakefield.

The purchase is a vindication of Oakland’s urban assets, including abundant access to transit — the city has three downtown BART stations — and its cultural renaissance. Adding more workers downtown will also likely fuel more restaurants and retail in the area. In Uptown Station itself, Newberry Market & Deli has committed to 20,000 square feet in the ground-floor retail space, leaving 30,000 square feet of retail still available.

“It puts downtown Oakland on the map,” said Dolby, who added that such a deal was “unthinkable a few years ago.”

Read the full article at the San Francisco Business Times