Second Oakland development for a joint venture that recently teamed to build and leased up 350,000-square-foot “Key at 12th.”
(EDITOR’S NOTE: According to public documents and reporting by the San Jose Mercury News, the property sold for $23.5MM.)
Oakland, CA (April 5, 2021) – Local real estate development firm Ellis Partners and its Boston-based partner Intercontinental Real Estate Corporation (“Intercontinental”) have acquired a vacant six-story, 74,000-square-foot office building and adjacent parking lot at 1919 Webster in Downtown Oakland’s Uptown District. Building off of the continued transformation of the immediate area, the joint venture plans to redevelop the site into a modern office high rise designed to meet the evolving needs of tomorrow’s workforce.
The joint venture behind The Key at 12th, the successful restoration of Downtown Oakland’s historic Key System Building and development of an adjoining 18-story office tower anchored by University of California’s Office of the President and Credit Karma, are evaluating a variety of options for the Webster Street site. The property is located at the center of the Lake Merritt Office District, and is considered an “Office Priority site” in the pending Downtown Office Specific Plan.
“This is an important high-rise development site sitting at the center of the rapid changes taking place in downtown Oakland,” said Ellis Partners Partner Jason Morehouse. “We will listen carefully to our local stakeholders as we move forward to create a landmark building that helps the City meet the broad needs of the community while preserving Oakland’s unique character,” added Ellis Partners Director of Development, Dean Rubinson.
The planned redevelopment will replace a 1950s vintage office building that has remained vacant for several years. Considered a prime transit-oriented development site, the property is two blocks from the 19th Street BART transfer station providing direct access to all stops within the 131-mile rail system with connections to both the Oakland and San Francisco International Airports. The immediate area has benefited from extensive investment and new development in recent years, including several new multi-family apartment communities, and an influx of cafés, restaurants, and other retail formats.
“Building on the momentum of The Key at 12th, we are excited to develop another transformative project at 1919 Webster,” said Intercontinental’s Senior Director, Acquisitions Jessica Levin. “Driven by solid market fundamentals and its broad appeal to many corporate users, Oakland continues on its trajectory of strong economic growth.”
“This is an incredible opportunity to make another major contribution to Oakland’s urban renaissance as it cements itself as one of the great 24-hour cities on the West Coast,” added Intercontinental’s Director, Acquisitions Allen Logue.
Ryan Venezia of Cushman & Wakefield’s Northern California Capital Markets group represented the seller.
About Intercontinental Real Estate Corporation
Intercontinental Real Estate Corporation is an SEC Registered Investment Adviser with decades long experience in real estate investment, finance, development, construction management and asset management. Since 1959, Intercontinental and its affiliates have managed, developed, or owned collectively over $14 billion in real estate property. Today, Intercontinental manages a real estate portfolio of approximately $10 billion for its clients. The Intercontinental portfolio is diversified both by robust property mix and by geography. Fund strategies actively seek opportunities to invest in both Core and Core-Plus properties, as well as in Value-Add operating properties and development projects. For more information regarding Intercontinental, please visit http://www.Intercontinental.net.
About Ellis Partners
Ellis Partners is a privately-owned commercial real estate investment and development company founded in San Francisco in 1993. Working with a small group of long-standing private and institutional partners, the firm has successfully acquired and developed assets valued at over $3 billion. Ellis Partners has a long track record of success in the acquisition, entitlement, development, renovation and repositioning of office, industrial, retail, residential and mixed-use properties in Northern California. For more information regarding Ellis Partners, please visit www.ellispartners.com.