By Jon Peterson
San Francisco-based TMG Partners has placed the 198,000 square foot Breuner Building in Oakland up for sale, as stated by multiple sources involved in the buying and selling of assets in Oakland. The office building is located at 2201 Broadway.
TMG and its company representative declined to comment when contacted for this story. The listing agent on the sale is the San Francisco office of Newmark Knight Frank.
The potential price point on the sale of the building has not been disclosed at this time. One firm that is tracking the sale of office buildings in Oakland has projected the sale to be in the neighborhood of $600 per square foot, or roughly $120 million.
TMG has owned the Breuner Building since October 2016. The real estate investment firm had paid $65 million, or $328 per square foot for the property, according to public records. Matt Field, chief investment officer for TMG, had said at the time that the acquisition was made for the company’s discretionary separate account.
TMG has had some recent success bringing in new tenants to the property. One example of this was in October of 2018 when it signed a lease with global co-working giant WeWork to occupy 68,000 square feet over three floors.
TMG has also completed some significant renovations to the property. These have included façade upgrade, blade signage, fully reimagined lobby and common area, amenities upgrade, new roof, HVAC upgrade and fire life safety modernization.
“The iconic Art Deco-designed Breuner Building, now fully restored and renovated, is a very attractive draw for tenants such as WeWork who want an environment that combines true architectural authenticity with modern design and technology,” said TMG Partners Director of Development David Cropper in a statement last October. “With large floor plates and high ceilings, the property is ideally suited for creative, technology and other start-up tenants – not to mention our location within two blocks of BART, Lake Merritt and a myriad of restaurants and entertainment venues.”
Built in 1931, the building was originally designed by the famed architect Albert Roller as the home of Breuner’s Home Furnishings. Clad in green terra cotta tiling, Art Deco styling and motifs depicting furniture craftsmen adorn the building’s southern and eastern elevations. The building’s northern façade has also served as “The Great Wall of Oakland,” a 100′ x 100’ installation which provides an ideal backdrop for film screenings and vertical dance troupe performances, playing a central role in the Uptown neighborhood’s cultural resurgence.