Harvest Properties Recapitalizes One80 Grand in Oakland for $175MM

Harvest Properties One80 Grand Oakland AXA IM - Real Assets KKR LEED San Francisco Bay Area commercial real estate East Bay
Image courtesy of vantagepointphoto.com via Harvest Properties

Harvest Properties completes acquisition of One80 Grand, Downtown Oakland, in Joint Venture with AXA IM – Real Assets

(EDITOR’S NOTE: According to two sources with knowledge of the transaction details, the recapitalization was completed for $175 million, or just over $627 per square foot.)

Oakland, CA (July 16, 2019) – Local real estate development firm Harvest Properties (Harvest), in a joint venture (JV) with AXA Investment Managers – Real Assets (AXA IM – Real Assets), a global leader in real assets investment and the leading real estate portfolio and asset manager, acting on behalf of clients, has acquired One80 Grand, a 279,000-square-foot Class A office tower in Oakland, CA for an undisclosed amount. 

The acquisition represents a recapitalization of the 15-story LEED Platinum building, which was originally acquired by Harvest and KKR, a leading global investment firm, in 2017. Located at the edge of Lake Merritt in Downtown Oakland’s ‘Uptown’ neighborhood, Harvest and AXA IM – Real Assets will continue to elevate the stature of the building in the market and meet the needs of its diversified tenant base. Identified near term asset management initiatives include a complete elevator system modernization, continuation of common area upgrades and the addition of a creative workplace environment on the 7th floor.

Steve McCarthy, Head of North America at AXA IM – Real Assets, the JV majority partner, commented: “We look forward to working with Harvest to serve the property’s strong tenant roster and further enhance the building’s competitive position in the Oakland market.” 

Harvest made the decision to continue its part ownership of One80 Grand, in a new joint venture, because of the long-term growth prospects for downtown Oakland and The Uptown District in particular, according to Harvest partner Kathryn Collins.    

“Numerous demand drivers including thousands of new residential units and an exciting new social and amenity-rich infrastructure continues to transform Downtown Oakland into an exciting live/work/play environment and an affordable, viable alternative to San Francisco,” Collins said.  “As a result, Oakland’s leasing dynamics will continue to strengthen.” 

About Harvest Properties

Harvest Properties is a vertically-integrated, full-service commercial real estate investment firm that specializes in the acquisition, reposition, entitlement, development, management and financing of commercial property, primarily through joint-venture investments in Northern California. Over the last decade, Harvest has become an established leader in the marketplace by generating attractive returns for its financial partners, providing creative solutions and outstanding service. Harvest Properties’ portfolio comprises approximately ten million square feet of office, industrial, R&D and retail properties in the San Francisco Bay Area. For more information, please visit http://www.harvestproperties.com.

West Coast Commercial Real Estate News