(EDITOR’S NOTE: According to two sources with knowledge of the transaction details, the Tribune Tower sold for $48 million, or just over $503 per square foot. Harvest Properties, along with its equity partner True North Management Group, paid $20.4 million for the building in December of 2016, according to public records.)
Oakland, Calif. (January 30, 2019) – Harvest Properties and joint-venture partner True North Management Group recently announced the sale of Tribune Tower, located at 409 13th Street in Oakland, California, to Highbridge Equity Partners for an undisclosed amount. The historic 20±-story, 95,350 square foot property is located just steps from the 12th Street BART station in Oakland’s City Center submarket and serves as a local landmark and longstanding symbol of the downtown skyline featuring its original 1920s era clock and namesake fluorescent “Tribune” sign.
“The sale of this iconic property represents a successful outcome for all parties,” said Kathryn Collins, partner at Harvest Properties. “Two years ago we saw an opportunity to restore Tribune Tower to its former stature and are extremely pleased to have participated in the revitalization of this Oakland icon.”
The partnership’s business plan to restore a beleaguered project and invest significant capital into base building and tenant improvements and amenities, ultimately produced an award-winning comprehensive seismic retrofit, creative office finishes with high ceilings and expansive windows, and a striking renovated lobby that successfully combines modern and historic features.
Brian Haber of True North, added, “We believed the property would benefit from Oakland’s rapidly maturing market and are thrilled that our creation of diverse and efficient floor plans featuring high-quality creative upgrades are meeting the demands of today’s tenants.”
Steve Golubchik, Tyler Meyerdirk, David Hosler and Jack Phipps of Newmark Knight Frank represented Harvest and Truth North on the transaction. John Dolby and Dane Hooks of Cushman & Wakefield represented Harvest and True North on the leasing.
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 www.harvestproperties.com.
About True North Management Group
True North Management Group is a private real estate investment manager with a value creation investment strategy focused on middle market real estate opportunities across the capital structure located in growth-oriented markets throughout the United States. True North was founded in 2004 and is based in White Plains, New York.