Westcore Properties Takes Advantage of the Downtown Oakland Commercial Real Estate Market By Securing Two Long-Term Leases

Westcore Properties, Oakland, Commercial Real Estate News, San Francisco, Bay Area, Cushman & Wakefield, Cornish & Carey Commercial Newmark Knight Frank

1221BroadwayHIGH-Res-5_14Westcore Secures Leases for 1221 City Center Complex

OAKLAND, Calif. – Sept. 11, 2014With office space at a premium in San Francisco, Westcore Properties is capitalizing on the burgeoning commercial real estate market in downtown Oakland by securing two long-term leases totaling more than 51,500 square feet of Class-A office space for the 1221 City Center complex at 1221 Broadway.

Currently located in San Francisco’s financial district, Workers Compensation Insurance Rating Bureau of California, the California Insurance Commissioner’s licensed rating organization and designated statistical agent, is moving its headquarters to the City Center building and will use roughly 41,000 square feet of space between two floors. The organization signed a 10-year lease and will begin occupying the space in March 2015.

Additionally, Parsons Brinckerhoff, an engineering and design consulting firm, is moving its Oakland office from 1901 Harrison St. to 1221 City Center and will utilize approximately 10,500 square feet of space. The firm signed a 10-year lease agreement and will begin occupying the space in March 2015.

“With such a great disparity between the cost of office space in San Francisco and Oakland, we continue to see a high demand for quality space in Oakland that is more affordable than across the bay,” said Marc Brutten, chairman and founder of Westcore Properties. “Our team has been diligent in the Oakland and greater Bay Area market, and we will continue to seek out strong opportunities to move more businesses into this revitalized area.”

With this new lease activity, the 24-story, 520,000-square-foot building, which Westcore acquired in late 2012, will be at nearly 70 percent capacity, with other notable tenants including Clorox and Wells Fargo. The building at 1221 City Center is LEED Platinum certified, offers direct access to BART, and is home to a number of retail amenities that serve the City Center area including Starbucks, Club One gym, dry cleaners, hair salons and more.

David Duble and Reza Musavi of Cushman & Wakefield represented Workers Compensation Insurance Rating Bureau of California; Jonathan Tomasco and Philip Giunta of Cornish & Carey Commercial Newmark Knight Frank represented Parsons Brinckeroff; and Ryan Hattersley, Daniel Bisabri and Mark Anderson of Cushman & Wakefield represented Westcore in both transactions. Transaction values for the two leases are not disclosed.

About Westcore Properties 
Westcore Properties is a private, entrepreneurial commercial real estate investment firm with a specialized focus in the western United States and key European markets. Since its founding in 2000, Westcore Properties and its affiliates have acquired and managed more than $4 billion in industrial and office assets comprised of more than 750 buildings totaling more than 35 million square feet. In addition to its U.S. headquarters in San Diego, Westcore Properties has regional offices in San Francisco, Oakland, Sacramento, Irvine and Denver. The firm’s European offices are located in Geneva, Switzerland and London, England.

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