OAKLAND, CALIF. — Vertical Ventures has acquired the 525,864-square-foot office portion of Eastmont Town Center in Oakland for a reported $54.5 million. The Class B space is located at 7200 Bancroft Ave.
Eastmont Town Center is currently 80 percent occupied by 31 tenants, including agencies from Alameda County and the City of Oakland. Less than 20 percent of the leased space is scheduled to expire within the next five years. There are also multiple long-term leases that will run through 2028.
The center originally operated as a mall until it was converted into a government services center in the ‘90s. A second building containing retail space is still on the market.
Argosy Real Estate Partners III L.P. and its parallel funds partnered with Vertical Ventures on the transaction.
Cushman & Wakefield represented both the buyer and the seller on this transaction. The firm will also provide on-site property management services, while CBRE will handle leasing.