Oakland Parcel Approved for 145,000 SQFT of Office space & 164 Units on the Market

Cushman & Wakefield, Oakland, Borsuk/Siegel, Palo Alto, Lake Merritt, San Francisco airport, Oakland airport, Cushman & Wakefield’s Sustainability Practice

OAKLAND, Ca., February 28, 2018 – Cushman & Wakefield has announced it was awarded the exclusive marketing agency to sell, lease or joint venture a large site in downtown Oakland. The property, currently a parking facility, has been owned since 1945 by the locally-based Borsuk/Siegel family. It is comprised of two parcels 1439-43 Alice Street and 1434 Harrison Street totaling approximately 24,000sf.

Cushman & Wakefield’s Palo Alto-based Executive Managing Director, David Klein, Esq. SIOR LEED AP said, “We are proud to share the family’s vision in offering the first project in Oakland (perhaps anywhere) to combine office and workforce housing in a single vertical development.”

Oakland’s current zoning permits approximately 145,000sf for office space, up to 164 residential units, a childcare facility and does not require on-site parking for redevelopment.

1443 Alice Street, Oakland

Mr. Klein said, “The property’s development as an office/workforce housing atelier meets the ever-growing need for employees to have convenient public transportation options, be in an amenity-rich environment, and freedom from the commute.” He added, “For employees living in the ‘commute-by-elevator’ residence, their work-life balance improves immeasurably by relieving the stress and cost of commuting.”

The property’s central business district location provides excellent connections to mass transit along with a very high walk and bicycle score.

Other location highlights include convenient ingress/egress to and from Interstate 880, easy access to the BART stations located at 12th Street/City Center, 19th Street, and Lake Merritt, and a direct connection to the San Francisco and Oakland airports. And of course the project has access to residential amenities.

Mr. Klein also noted another benefit from a combined office/workforce housing development, “There would, of course, be a substantial reduction in the project’s carbon footprint with employees living on-site as compared to commuting to conventional office buildings.” Cushman & Wakefield’s Sustainability Practice is quantifying the project’s carbon footprint reduction for public review.

Cushman & Wakefield’s Oakland-based, Managing Director, Barry Cohn and Palo-Alto based, Director, Matt Lehman are also part of the project’s marketing team.

Marketing has just begun, and the property owner envisions entering into a sale, lease or joint venture this year. The project would take several years to build although modular construction could accelerate completion.

About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm with 45,000 employees in more than 70 countries helping occupiers and investors optimize the value of their real estate. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visitwww.cushmanwakefield.com or follow @CushWake on Twitter.

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