OAKLAND, CALIF. — A joint venture between Ellis Partners and Intercontinental Real Estate Corp. has purchased a vacant parcel in downtown Oakland known as 1100 Broadway. The acquisition includes the dilapidated, historic Key System building, which contains 34,000 square feet across seven floors.
The JV plans to restore the vacant building and integrate it into a new Class A office tower to be built on the site. The Key System building was constructed in 1911 as the headquarters of the Key System Railway, which transported East Bay residents locally and across the lower deck of the Bay Bridge to San Francisco.
The seller, SKS, purchased the lot and vacant building in 2008. JLL’s Capital Markets team of Michel Seifer, Rob Hielscher and Erik Hanson brokered the transaction.