By Jon Peterson
Los Angeles-based CIM Group has started its marketing efforts on the 396,808 square foot Uptown Station office building in Oakland located at 1955 Broadway. No pricing guidance was available on the property at this time. When this sale is completed, this will the building’s fourth trade since 2014.
The seller has hired Newmark Knight Frank capital markets team in San Francisco to be the listing agent on the sale. Those involved in the sale includes Vice Chairman Steven Golubchik, Senior Managing Director Tyler Meyerdirk and Associate Director Darren Hollak.
“Uptown Station is arguably the highest quality creative office conversion for a historic structure to new construction on the west coast,” said Golubchik in a statement to The Registry.
CIM has been the owner of Uptown Station since December 2017. The real estate investment firm had acquired the property for $180 million, or roughly $505 per square foot, according to public records and The Registry’s earlier reporting. The company had acquired the building from Uber, which in 2015 was considering occupying the entire property. Uber spent $123.5 million, or roughly $325 per square foot, in September of 2015 to buy the building from Menlo Park-based Lane Partners and their partner, Chicago-based Walton Street Capital. The two companies purchased the building just a year earlier for $24.2 million, or just over $63 per square foot, and invested another $40 million into the project.
The office building has a current occupancy of 94 percent. The seven stories of creative office space are leased to Square Inc. for the next 12 years. The property also has one level of retail space that is leased to a diverse group of tenants. These tenants include the first East Bay location for Shake Shack, Slice House gourmet pizza, One Medical, a new age provider of health care and Red Bay Coffee.
The property has a strong location from a mass transportation perspective. There is a BART station directly in front of the property. The Uptown location is surrounded by nearly 3,000 units of multi-family development if employees want to be close to work.
CIM considers Uptown Station to be an exceptional creative office property, and it 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.
“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 in a statement.