OAKLAND, CALIF. (September 20, 2018) – San Francisco-based commercial real estate investment firm Graham Street Realty (GSR) has acquired the 1904 Franklin office building in the Uptown neighborhood of Oakland. The deal closed on August 28th for a purchase price of $18.25 million.
“Graham Street is thrilled about our return to the Oakland market, which is where it all started for us,” said David Messing, co-managing principal of Graham Street Realty. “1904 Franklin presents us with an opportunity to transform this transit-oriented property into the premier small tenant building in uptown Oakland.”
The nine-floor building includes 42,497 square feet of office space and 8,011 square feet of ground floor retail space. The building lies just one block from the Bay Area Rapid Transit (BART) light rail system, two blocks from Lake Merritt, and is surrounded by significant dining and cultural amenities.
The building was originally built in 1923 and is rich with historic character. The exterior features ornate detail and a primarily brick façade, with marble on the ground level. GSR plans to renovate the office lobby area, improve the façade, and upgrade the common-area corridors and restrooms. Current tenants include a diverse range of professional offices, artists’ studios, and financial and healthcare service offices. Upon acquisition, management of the property was transitioned to GSR affiliate Paramount Property Company, an Oakland-based company.
Uptown Oakland’s Class B-rich neighborhood has grown a reputation as Oakland’s “creative office” submarket and has seen the highest rents across the entire Oakland CBD area in recent years. Uptown Oakland is also home to significant multifamily and mixed-use development, with four major projects under construction within blocks of the 1904 Franklin property.
Oakland benefits from its proximity to major employment hubs, including San Francisco and the technology-dominated Silicon Valley region. In recent years, amidst the massive regional growth, the city has grown into an amenity-rich, live-work alternative to the famed higher living costs of San Francisco.
This acquisition brings the Graham Street Realty portfolio to 11 properties totaling over 1 million square feet as of the time of close.
About Graham Street Realty
Graham Street Realty (GSR) is a private, San Francisco-based commercial real estate investment firm with assets in the Western United States. Since its founding in 2007, the firm’s focus has been on value-add investment in the multi-tenant office building market. To learn more, visit http://www.grahamstrealty.com.