San Diego, CA (PRWEB) December 13, 2012
Westcore Properties, dba Westcore City Center LLC, announces it has purchased the landmark 24-story, 520,000-square-foot high-rise in downtown Oakland that has been owned by The Clorox Company since 1988 and serves as the company’s headquarters. Financial terms were not disclosed.
“This tower is another key milestone in Westcore Properties’ growth strategy of building its portfolio with quality assets in core Northern California markets including the East Bay area of greater San Francisco,” said Don Ankeny, Westcore Properties’ president and CEO. With this purchase, Ankeny said the Westcore Properties’ portfolio will total 24 million square feet by year-end, most of which is located in Northern and Southern California.
The 1221 Broadway tower was built in 1976 and will remain Clorox’s world headquarters under a 15-year lease with options to renew for an additional 15 years. Clorox will occupy about 57 percent of the building in its upper stories. Cushman & Wakefield will market the remaining space to other tenants.
“The building offers 163,000 square feet – or eight floors – of available Class A space in the heart of downtown Oakland, directly above a BART station” said Neil Johnson, Westcore’s managing director of acquisitions. “We plan to renovate the lobby and upgrade several office floors to showcase the new building standard. The building can accommodate tenant size requirements ranging from 5,000 square feet to the full 163,000 square feet.”
“This is an exciting opportunity for us and the Oakland office market,” Johnson said. “This building has never before been available to the public and we look forward to launching it as Oakland’s premier ‘new’ office tower through heavy branding, repositioning and leasing strategies.”
According to Ankeny, “The East Bay is an area where Westcore has an established presence, allowing us to implement hands-on management for the successful performance of this asset. This tower will offer the only substantial block of contiguous office space in the City Center submarket. It will be an appealing option for Oakland companies needing a larger, high-image location, as well as spillover tenants from San Francisco who are seeking alternatives to the rising rents in that market.”
The anticipated return of hiring in the financial services and legal sectors will fuel office employment growth in Oakland, where office vacancy has already begun to decline.
“This will solidify the foundation for stronger absorption, a return to healthy vacancy levels, and upward pressure on rental rates,” Johnson said.
The 1221 Broadway building features a lobby entrance directly on the BART line, and is just two stops from downtown San Francisco. The tower is certified LEED Platinum, offering a sustainable work environment with numerous energy efficient features.
The tower’s location in Oakland City Center puts it in the heart of a vibrant urban community that includes several office towers, upscale condominiums, numerous dining and retail amenities, and the popular Club One fitness center.
In addition to The Clorox Company, other tenants in 1221 Broadway include Wells Fargo and Fitzgerald, Abbot & Beardsley.
Leasing efforts for the vacant space will be handled by Ryan Hattersley, Daniel Bisabri and Mark Anderson of Cushman & Wakefield. For information, call any member of the team at (510) 891-5802.
Craig Zodikoff and Brad Metzger of Cresa and Brett Holden of Lee & Associates served as advisors on this transaction.
About Westcore Properties
Westcore Properties (http://www.westcore.net) 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 $3.9 billion in industrial and office assets comprised of 550 buildings totaling over 25 million square feet. In addition to its U.S. headquarters in San Diego, Westcore Properties has regional offices in San Francisco and Denver. The firm’s European offices are located in London, England and Geneva, Switzerland .