New York City-based Brickman Real Estate has placed under contract the acquisition of the 114,175 square foot Plaza 360 office building in Oakland for approximately $44 million, according to multiple sources familiar with the transaction. The asset is located at 360 22nd Street.
Brickman declined comment for this story when reached.
The seller of the property was True North Management Group based in White Plains, New York. The listing agent on the sale was the San Francisco office of Cushman & Wakefield. The seller has owned the property for a little more than two years. It had acquired the asset for $28.25 million or nearly $248 per square foot in August of 2015.
True North had acquired the property for its commingled fund, True North Real Estate Fund III. The fund manager had completed its $548 million capital raise on the commingled fund at $548 million in July of 2015. Three of the bigger investors in the commingled fund were $100 million each from the New Jersey Division of Investment and Orange County Employees Retirement System and $70 million from the Employees Retirement System of Texas.
As of spring of 2016, Brickman had a fairly small presence in the greater San Francisco Bay Area. The real estate investment company only held one other Bay Area asset at that time. This was an office building located at 945 Bryant Street.
The company was investing for its Brickman Fund VI commingled fund. It was looking for value-add assets to buy on the West Coast. It was mostly interested in office buildings with some searching for apartments.