SAN FRANCISCO, CA – January 25, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged $23 million in acquisition and capital improvement financing for Tribune Tower, an iconic 20-story office building in downtown Oakland, California.
HFF worked on behalf of the borrower, Harvest Properties and True North Management Group, to place the floating-rate loan with a debt fund based on the East Coast. Tribune Tower features 88,334 square feet including ground floor retail.
The property was originally built in 1906 for The John Breuner Furniture Company as a showroom and store. In 1923, the adjoining 20-story, steel-frame iconic Renaissance Revival-style clock tower was completed, and the Oakland Tribune took occupancy for the next 65 years.
Harvest Properties along with True North will embark upon a capital improvement plan to transition the tower into a best-in-class creative office environment. The Tribune Tower is located at 409 13th Street in downtown Oakland, ideally located a half a block from the 12th Street/City Center BART station.
The HFF debt placement team representing the borrower was led by senior managing director Bruce Ganong, associate director Brandon Roth and associate Zachary Kersten.
About Harvest Properties
Harvest Properties is a vertically-integrated, full-service commercial real estate investment firm that specializes in the acquisition, repositioning, development and management of commercial property, primarily through joint-venture investments throughout 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.
About True North Management Group
True North is a private real estate investment management firm that focuses on capitalizing on opportunities in a cyclical and dynamic environment. The investment team seeks to use its extensive experience and wide-ranging knowledge base to generate both high quality risk-adjusted and absolute returns.
Holliday Fenoglio Fowler, L.P. (“HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 24 offices and is a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing.
For more information please visit hfflp.com or follow HFF on Twitter @HFF.