Oakland, CA – Avison Young announced today it has completed the $14 million ($325 per square foot) acquisition of 1625 Clay Street, an eight-story, 43,000 square-foot (sf) historic office building in downtown Oakland, CA. The property is 65% occupied and a renovation and leasing strategy has been planned by the new ownership.
Avison Young Principal Anthony Shell, LEEP AP represented the buyer, Sausalito, CA-based FH One, Inc. who also own 1212 Broadway, a 16-story, 124,000-sf office building in downtown Oakland.
Avison Young’s Shell, as well as Amber Merrigan and David Goldberg from the Avison Young Oakland office will be handling the leasing of the property.
Built in 1922 by architect Charles Dickey, the Renaissance Revival building served as PG&E’s headquarters until 1975 and was vacant until 1996. The asset is registered as a national historic landmark. The seller acquired the property in 1996 and conducted a major structural retrofit and historical renovation where it has since served as a multi-tenant office property.
“The downtown Oakland market is slowly starting to recover from the pandemic-induced slowdown,” said Shell. “Our buyer client is bullish on the market’s long-term strength and liked the asset’s high vacancy and value-add potential.”
Shell noted that FH One Inc. has now embarked on a renovation of the three vacant floors and lobby with completion anticipated in mid- to late-2022. FH One recently completed a major renovation of 1212 Broadway, restoring the classic elements of the building while providing a modern take and amenitization.
“We’re excited to be a growing part of downtown Oakland’s vibrant community,” said Daria Hosseinyoun, President of FHOne Investments.
1625 Clay Street features open ceilings, original exposed brick, and on-site parking and offers building signage opportunities. It is just 1.5 block to City Center BART and is walking distance to a number of dining and retail amenities.
Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.Avison Young is a 2021 winner of the Canada’s Best Managed Companies Platinum Club designation, having retained its Best Managed designation for 10 consecutive years.