(EDITOR’S NOTE: According to public documents, the transaction closed for $180 million, which brings the price to $505.6 per square foot.)
OAKLAND, CA – December 19, 2017 – CIM Group and Uber today announced that CIM has acquired Uber’s Uptown Station building and will complete the redevelopment that is currently underway, transforming the 1929 era former department store into a 356,000-square-foot, eight-story Class-A creative office building. The property is centrally located at the nexus of three key arteries, Broadway, Telegraph Avenue and 20th Street and across from a BART station in the emerging Uptown district, a hub for arts and entertainment in Downtown Oakland. Uptown Station will also feature approximately 35,000 square feet of ground floor retail space that will add to the vibrancy of the neighborhood that is attracting new restaurants, bars and boutiques.
The renovation includes the use of contemporary fixtures, modern color scheme and quality finishes throughout the office and common areas. The building’s design, including the addition of decks, also maximizes the expansive views of San Francisco, the Bay and East Bay hills. The building will feature a multi-story atrium lobby and a grand paseo lined with shop space that is attractive to many retail and restaurant concepts. In addition, prominent building signage is available, which creates a branding opportunity for a major office tenant. CIM’s completion of the redevelopment program is anticipated for late 2018.
“With immediate access to a BART station at 19th Street, the building’s historic character, exceptional 78,000-square-foot floorplates on three floors, ample ceiling heights, interior atrium, and abundant outdoor deck space, Uptown Station is a rare opportunity and a standout among office properties in the Bay Area for a broad array of large creative office tenants,” said Avi Shemesh, co-founder and Principal, CIM Group.
Uber purchased the property at 1955 Broadway in 2015 and since then has been in the process of converting the property to an urban office campus. CIM’s completion of Uptown Station will create a property that is a valuable contributor to the community and a significant anchor in this growing Oakland district.
“Uber has found a strong buyer with CIM Group,” said Adony Beniares, Uber’s Global Head of Workforce Operations. “We are confident in their vision to bring this historic building back to life.”
An exceptional creative office property, Uptown Station complements CIM’s other office holdings in Oakland, which includes a 1.7 million-square-foot portfolio of Class-A buildings, and Jack London Square, a popular dining, entertainment, retail, recreation and office complex located on the Oakland waterfront of San Francisco Bay.
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 with this investment in Uptown Station. Currently, CIM’s San Francisco Bay Area portfolio is comprised of approximately 3.6 million square feet that includes a variety of Class A commercial properties.
About CIM Group
Established in 1994, CIM is a leading partner for global investors seeking to invest in urban real assets and associated credit strategies with a principal focus on North America. CIM is a real asset manager of urban residential, commercial, retail, hospitality, debt, and infrastructure investments as well as U.S. based net/finance lease and other credit strategies. CIM’s broad expertise includes in-house research, acquisition, investment, development, finance, leasing and property management capabilities. For more information, please visit www.cimgroup.com.