OAKLAND, CALIF. — Los Angeles-based investor and developer CIM Group has sold Uptown Station, a 397,000-square-foot office building in Oakland.
Local media outlets including the East Bay Times report that the sales price was $419 million, and that the property sold to Mapletree Investments, which is based in Singapore. The price equates to roughly $1,057 per square foot, which the Times reports would be a record for an Oakland office building. Newmark brokered the deal.
Square Inc., a locally based provider of financial services like mobile payments that is headed by Twitter founder Jack Dorsey, occupies the entire eight-story building.
The property was originally built in 1929 to house a Sears department store. CIM Group acquired the asset in December 2017 from Uber, which was in the process of redeveloping the building into an urban office campus.
Uptown Station is situated at the nexus of three arteries — Broadway, Telegraph Avenue, and 20th Street — in Oakland’s Uptown district. The property is located directly above a BART station, offers outdoor roof decks and includes 35,000 square feet of retail space that is leased to Shake Shack and One Medical.
“CIM Group delivered on its vision for Uptown Station, bringing a truly modern creative office property to a burgeoning district that quickly attracted a leading San Francisco technology tenant in Square,” says Avi Shemesh, co-founder and principal of CIM Group. “The sale of Uptown Station in this uncertain economic climate reflects the development of a desirable building in a growing community, that seeks to deliver strong and stable income.”
— Taylor Williams