Boston Properties, the real estate investment trust and owner of the Salesforce Tower, in partnership with McGrath Properties, an Oakland-based real estate investment and development company, will break ground on their new 324,000 square-foot development project, The Skylyne at Temescal on May 2, 2018. The 25-story property with 403 residential units, and 13,000 square feet of retail space is adjacent to the MacArthur BART station. The Skylyne at Temescal will be the tallest building in North Oakland when it opens in the summer of 2020.
“I want to sincerely thank Boston Properties and McGrath Properties, a great development partnership which has utilized vertical space to provide housing for 400 residents across the income spectrum, jobs for local workers, and will connect more people to BART and opportunities throughout the Bay Area,” said Mayor Libby Schaaf. “This transit-oriented development at MacArthur BART, which benefited from a robust community engagement process, will build on the successful model created in the Fruitvale Transit Village and redefine what’s possible near transit in Oakland for years to come.”
The project includes 45 inclusionary residential units to provide affordable housing options for the citizens of Oakland. Aaron Fenton, Senior Manager of the project said, “we are delighted to soon become the newest landlord in Oakland and an engaging neighbor in the Temescal community. Boston Properties is committed to developing sustainability communities and there’s no better place to do it than at the MacArthur BART station.”
Terry McGrath, Founder of McGrath Properties praised the project and the partnership with Boston Properties. “This type of residential density, immediately adjacent to the MacArthur BART station, is the right thing to do in order to help protect and preserve our environment into the future. Boston Properties is the perfect partner because they have the vision, expertise and balance sheet to undertake a project which is mission critical to our environment and the first of its kind in the East Bay.”
Build Group is the general contractor and Solomon Cordwell Buenz is the architect for the project.
About Boston Properties
Boston Properties is a fully integrated real estate investment trust that develops, redevelops, acquires, manages, operates and owns a diverse portfolio of primarily Class A office space totaling 50.3 million square feet and consisting of 167 office properties (including eight properties under construction), six residential properties (including four properties under construction), five retail properties and one hotel. Boston Properties is one of the largest public owners and developers of Class A office properties in the United States, concentrated in five markets – Boston, Los Angeles, New York, San Francisco and Washington, DC. For more information about Boston Properties, please visit www.bostonproperties.com.
About McGrath Properties
McGrath Properties, Inc. is a real estate investment and development company focused on acquiring underutilized commercial properties. They create substantial value renovating these properties while owning and operating them on a long-term basis. They own and operate properties through affiliated LLC’s with an emphasis in the East Bay. Their diversified portfolio includes office and industrial buildings, parking facilities and undeveloped land. For more information about McGrath Properties, please visit www.mcgrathproperties.com.