Building anchors important Uptown and Lake Merritt Submarkets
Oakland, CA – San Francisco-based Ellis Partners announced that it has acquired the 277,030 square foot multi-tenant office building known as “180 Grand” in downtown Oakland, California. The project was acquired from an institutional investor.
The property is a well-leased, multi-tenant office building at the southern edge of Broadway/Valdez specific plan district. This acquisition represents the fifth purchase by commercial developer/investor Ellis Partners with capital partner Artemis Real Estate Partners.
180 Grand is a fifteen story office building located at the prominent corner of Grand Avenue and Harrison Street adjacent to Oakland’s Lake Merritt. The property also includes a surface parking lot and a nine story parking structure across the street. It features spectacular views, an on-site café, fitness center, secure bicycle parking and a dedicated shuttle to BART (located six blocks away).
“This is a well-leased, institutional quality asset. It has been well-maintained in a market with high barriers to entry for new development,” said Gordon Hess, Partner and Managing Director of Ellis Partners. “There is a strong and diversified tenant roster in place and the building offers dramatic views and good curb appeal, which we plan to significantly enhance. It is well-positioned to capture the benefits of the improving Oakland office market,” he added.
The property earned a LEED Platinum designation in 2013. It was recognized as the Building of the Year by BOMA in 2008 and has received Energy Star awards for efficiency each year since 2007.
“We are thrilled to be investing again in Oakland and adding to our existing holdings here,” said Jason Morehouse, Partner and Director of Acquisitions at Ellis Partners. “The market is continuing to benefit from both the organic growth of its existing tenant base as well as migration from San Francisco-based companies that are increasingly priced out of that market. Oakland offers a burgeoning urban amenity base, a central Bay Area location, and convenient public transit. Moreover, 180 Grand will directly benefit from the current and projected development within the Broadway-Valdez District and the ongoing revitalization of the Uptown area,” he added.
CBRE will continue its property management assignment for the new ownership.
About Ellis Partners
Ellis Partners is one of Northern California’s largest commercial real estate investors and developers focused on office, retail, industrial and mixed-use product types with a 20 year operating history. The firm’s multi-faceted capabilities include land entitlement and development, property repositioning, adaptive-re-use and historic renovation. Ellis Partners also provides leasing expertise, asset management, development and renovation management capabilities to its ventures. www.ellispartners.com
About Artemis Real Estate Partners
Artemis Real Estate Partners is a real estate investment management firm that invests with best-in-class local operating partners, both established and emerging, in multifamily, office, industrial, retail and senior housing across opportunistic, value added and enhanced core strategies. Artemis has raised over $1.8 billion of investor capital across two commingled value-add/opportunistic fund vehicles and an enhanced core emerging manager separate account with The New York State Common Retirement Fund. Artemis’s sole focus is U.S. commercial real estate. More information about Artemis may be found at www.artemisrep.com.