Class B Office Building in Downtown Oakland Sells for $8.85MM

Lee & Associates, Oakland, Hidden Genius, 1441 Franklin
Courtesy of Lee & Associates

(EDITOR’S NOTE: Per The Registry’s previous reporting, the seller, Oakland-based Citrine Advisors, was pricing the asset in the range of $11 to $12 million, according to sources that track the sale of office buildings in the East Bay. The sellers had been working the San Francisco office of JLL as the listing agent on the sale. Among those working on the sale includes Erik Hanson, David Dokko and Nick Deaver.)

October 7, 2021 (Oakland, CA)– Lee & Associates, the largest broker-owned commercial real estate firm in North America, announced the sale of 1441 Franklin St in Oakland, CA. The 20,754 SF office building was represented by Dave McCarty, Ben Jones, Neil Cowperthwaite and Joe McGlynn of Lee & Associates Oakland and sold for $8,850,000.00 ($426/SF). The building is in Downtown Oakland on Franklin St. in between 14th St. and 15th St. and just one block from the City Center BART Station. The four-story office building underwent significant renovations in 2016 including creative office upgrades, polished concrete, exposed metal beams, and open office concept. The 4,600 SF floorplates attracted multiple tenants and was 39% leased at the time of the sale. The building was purchased by a local Oakland non-profit Hidden Genius with plans to occupy the balance of the building.                                                   

ABOUT LEE & ASSOCIATES
Lee & Associates offers an array of real estate services tailored to meet the needs of the company’s clients, including commercial real estate brokerage, integrated services, and construction services. Established in 1979, Lee & Associates is now an international firm with offices throughout the United States and Canada. Our professionals regularly collaborate to make sure they are providing their clients with the most advanced, up-to-date market technology and information.

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