180 Grand Ave., Oakland (via Yardi Matrix)
California-based Harvest Properties and global investment firm KKR of New York City have acquired a prime office property in the heart of downtown Oakland. The two companies are the proud new owners of 180 Grand Ave., a Class A, 15-story, multi-tenant office building incorporating 278,596 square feet of space. Harvest and KKR purchased the property from Ellis Partners and Artemis Real Estate Partners, for an undisclosed amount. IPE Real Estate reported back in May that the property was expected to sell for close to $120 million, nearly twice the price it fetched when it previously changed hands in 2014.
Conveniently located right across from Lake Merritt and close to the city’s popular Uptown district, 180 Grand includes a 10-level, 381-car parking garage on an adjacent parcel, while also providing easy access to the 19th Street BART station and dedicated shuttle service. Amenities at the site include bike storage, a fitness center, an outdoor meeting courtyard, as well as views of the Berkeley and Oakland Hills, the Oakland skyline and the San Francisco Bay. The LEED Platinum-certified property was 95% leased at the time of sale, to a diverse tenant roster that includes AMEC Foster Wheeler, Healthnet of California, Marqeta, Bank of America, Charles Schwab and Deloitte.
“180 Grand represents an excellent opportunity to acquire a high-quality office asset at the crossroads of the amenity-rich Uptown submarket and the heart of Oakland’s residential renaissance,” Harvest Properties Partner Awais Mughal said in a statement. “The property’s proximity to Uptown’s high-quality restaurants and retail, coupled with the numerous nearby multifamily housing developments underway, demonstrate Oakland’s near-term future as a live-work-play, 24/7 urban environment.”
The purchase of 180 Grand is KKR’s first foray into the Oakland commercial real estate market. The firm is making the investment primarily through its Real Estate Partners Americas Fund LP.
