By Meghan Hall
A class A office building in downtown Oakland has traded hands, signaling investor interest in core markets. In the deal, local firm Bullock Capital acquired 1504 Franklin for $13.6 million, or about $496 per square foot. The deal closed on March 18th, according to public records.
The seller of the property was Menlo Park, Calif.-based SpringTide Franklin LLC, affiliated with Douglas Morss. Colliers’ Will Cliff and Aileen Dolby represented the sellers in the deal.
“1504 Franklin offered the buyer the opportunity to acquire the premier class A creative office property in Downtown Oakland,” said Cliff. “Fully-renovated to high quality creative standards, the building requires little-to-no near-term physical capital expenditure requirements and is incredibly well positioned to appeal to both tech and traditional office tenants as they seek their return to the office in the post-covid world.”
Built in the 1920s, the property totals 27,440 square feet and features a mezzanine and lower-level. The building was subsequently retrofitted in the 1960s, and then fully modernized in 2018 with a mix of tech-driven security, high-end creative finishes and seismic upgrades. The property also features 18 skylights and a 2,000 square foot retail space on the first floor.
The property was also 81 percent leased at the time of the sale. Anchor tenants include a Siemens Real Estate subsidiary and Comy | Enlighted.
Bullock Capital is based in the Bay Area and focuses on managing and acquiring office investments, according to its website. Its properties include 69 Green in San Francisco, for which the firm is planning a “full scale renovation” of this year, as well as 260 Homer in Palo Alto, Calif., which totals 36,500 square feet.