TMG Partners, one of San Francisco’s largest and most prolific mixed-use developers confirmed today its purchase of 1330 Broadway in Oakland. While TMG did not confirm the price, public records show the transaction came at $80 million, or just under $254 per square foot. The seller was Zimmerman Investments who had owned the building since 1991.
1330 Broadway is a 315,000 square foot, 18-story office building in the heart of downtown Oakland. It is in close proximity to the Oakland City Center’s 12th Street BART station and is home to Zimmerman Investments, a Chase Bank branch and a number of non-profit organizations, such as Center for Responsible Lending, Coral Reef Alliance and Build it Green.
“There are many things in the overall market of Oakland that make it very attractive. These would include the public transportation through BART, the residential space that is available to people and the arts and entertainment,” says Matt Field, chief investment officer for TMG.
The building is nearly full. On the Web site advertising availability in the building, four suites for a total of 14,854 square feet area available for lease, making the building 95 percent occupied.
“This is out first transaction that we have completed with our $150 million separate account that we announced in October. It’s a perfect illustration as to the kinds of investments we would like to make with this relationship,” said Field.
TMG stated in a release that they are planning a major renovation of the interiors, including a new entrance and lobby, updated common area finishes and general systems modernization. “TMG looks forward to the opportunity to restore and modernize this architectural gem. We believe that the amenities, views, and planned renovation will make this one of the top choices for office tenants in Oakland”, said TMG partner and development manager Adam Chall in the statement.
“TMG has been active in several cities in the East Bay, including Oakland, for decades and we look forward to restoring this important part of Oakland’s history as a home for local companies and culture,” said Michael Covarrubias, chairman and CEO, TMG Partners.
TMG and Zimmerman were represented by John Dolby and Dane Hooks of Cushman & Wakefield.