By Jon Peterson
San Francisco-based Credit Karma has signed a lease for approximately 110,000 square feet for office space located at The Key at 12th office building development located at 1100 Broadway in Oakland, according to sources familiar with the property.
San Francisco-based Ellis Partners is the developer of the office asset. This real estate investment firm declined to comment when contacted for the story.
The San Francisco and Oakland offices of JLL are the leasing agents on the project. Those involved are Christopher Roeder, Sam Swan and Jon Elder. JLL also declined to comment when contacted for this story.
The lease inked by Credit Karma will be for multiple floors. The tenant is a San Francisco-based personal finance technology company. Its plan is to keep its headquarters in San Francisco and will use the new location in Oakland as an expansion for the company.
The move by Credit Karma is a further example of tech companies that are expanding their operations across the region to Oakland and other parts of the East Bay, according to industry sources. This is happening since there is a lack of sizable contiguous office space in San Francisco and a city like Oakland has the public transportation needs that many technology workers are looking for. The Key at 12th has this as its located directly adjacent to a BART station.
Ellis Partners now has two floors left to lease at The Key at 12th before the office building becomes fully leased. The other major tenant already inked for the building is The University of California’s Office of the President. This tenant has a lease for about 165,000 square feet. The property itself totals 345,000 square feet over 18 stories.
The developer had a groundbreaking on the project in January of 2018. The expectation is that the project will be finished in late 2019. The equity partner in the development is Boston-based Intercontinental Real Estate Corporation.