CIM Closes on ~$420MM Sale of Oakland’s Uptown Station

Uptown Station Oakland 1955 Broadway Mapletree Investments Blackstone CIM Group Square Uber Bay Area East Bay

(EDITOR’S NOTE: The Registry reported on February 4, 2021 that Singapore-based Mapletree Investments was the buyer of the property for around $420 million, or $1,058 per square foot.

Uptown Station is located in Oakland’s revived Uptown neighborhood. It was put up for sale last year, and New York-based Blackstone had put the property under contract in February of 2020. The planned transaction was for about $405 million or $1,020 per square foot, as stated by sources that track the sale of office buildings in the Oakland market.

A couple of months later, Blackstone chose to pull away from the acquisition of the property in the wake of uncertainty caused by the global pandemic, which was emerging and spreading quickly across the globe at that time. This led to the investor giving up a $20 million non-refundable deposit on the property.)

OAKLAND — March 4, 2021 — CIM Group today announced the sale of the iconic Uptown Station building located at 1955 Broadway in Oakland, CA. In December 2017, CIM acquired the 1929 era former department store from UBER, which was in process of redeveloping the building into an urban office campus. CIM completed the construction in 2019, transforming the building into a 397,000-square-foot, eight-story Class A creative office building. CIM leased the entire office space to Square, Inc. (NYSE: SQ). 

Uptown Station is situated at the nexus of three key arteries, Broadway, Telegraph Avenue, and 20th Street in downtown Oakland’s Uptown district, a hub for arts and entertainment and located directly above a BART station. The building features a multi-story atrium lobby, expansive outdoor roof decks, and 35,000 square feet of ground-floor retail space, of which CIM leased spaces to Shake Shack and One Medical.

“CIM Group delivered on its vision for Uptown Station, bringing a truly modern creative office property to a burgeoning district, that quickly attracted a leading San Francisco technology tenant, with Square. The sale of Uptown Station in this uncertain economic climate, reflects the development of a desirable building in a growing community, that seeks to deliver strong and stable income,” said Avi Shemesh, Co-founder and Principal of CIM Group. “We have achieved our plan for Uptown Station and today it is a significant contributor to the community, an anchor in this growing Oakland submarket.”

CIM has been involved in the Greater San Francisco Bay Area since 2001, with CIM’s first Oakland acquisition taking place in 2007. Since then, CIM has been a key contributor to the Oakland community with investments in office, residential, retail, and hospitality.  CIM recently completed two for-rent residential developments: Channel House, an eight-story, 333-unit apartment building at 40 Harrison Street in Jack London Square, and together with its co-development partner, Strada, Eleven Fifty Clay Street, a 16-story, 288-unit apartment building in downtown Oakland located between 11th and 12thStreets.   

Since 1994, CIM has made a commitment to enhance its properties by increasing sustainability, efficiency, and quality for tenants, residents and visitors as well as enhancing the character and value of the communities. CIM has a proven track record of reinvigorating the communities in which it invests and continues its strategy to enhance the Oakland area.  

About CIM Group

CIM is a community-focused real estate and infrastructure owner, operator, lender and developer. Since 1994, CIM has sought to create value in projects and positively impact the lives of people in communities across the Americas by delivering more than $60 billion of essential real estate and infrastructure projects. CIM’s diverse team of experts applies its broad knowledge and disciplined approach through hands-on management of real assets from due diligence to operations through disposition. CIM strives to make a meaningful difference in the world by executing key environmental, social and governance (ESG) initiatives and enhancing each community in which it invests. For more information, visit www.cimgroup.com.

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