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| 1221 City Cemter. Oakland, CA |
OAKLAND, CA – American
Realty Advisors and its partner, Westcore Properties, announced the sale of 1221 City Center, a LEED Platinum
trophy-caliber office tower located in the heart of Oakland California’s CBD.
The 24-story tower, which
encompasses 521,177 square feet, is located within Oakland’s thriving City
Center mixed-use development at the intersection of 12th Street and Broadway.
1221 City Center features immediate access to
Bay Area Rapid Transit (BART), prolific view corridors, a newly renovated
lobby, and common areas with exceptional finishes.
According to Kirk Helgeson, American’s Chief
Investment Officer, American and Westcore timed the disposition to capitalize
on the strong demand for high quality office assets in the Bay Area.
“Our strategy at acquisition was to renovate
the property, lease up the remaining vacancy, and ultimately create an asset
that was attractive to a wide range of core buyers,” says Helgeson.
“1221 City Center is a
strong asset for a long-term holder, and we believed that it was time to
realize the value that we have created for our investors after successfully
executing the business plan,” he added.
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| Kirk Helegeson |
Westcore Properties’ Don Ankeny indicated that the
“extensive recent capital enhancements, the strong tenancy, which features 98%
occupancy with an investment grade credit anchored rent roll, and the asset’s
direct access to market leading amenities,” were reasons for the significant
buyer interest.
He added that the nearly $21.5 million in
capital improvements from the American and Westcore partnership have
transformed 1221 City Center into one of Oakland’s premier office properties.
In recent years, the
Oakland office market has continued to benefit from the strength of the overall
Bay Area economy.
“Significant amounts of
adaptive reuse development, substantial institutional investment in the office
and multifamily sectors, and the rent discount from San Francisco’s CBD has
continued to attract high quality office tenants to the area,” noted Ankeny.
American and Westcore were
represented in the transaction by Eastdil Secured.
For a complete copy of the company’s news release,
please contact:
Lexi Astfalk
Account Executive
Brower, Miller & Cole
895 Dove Street, Third
Floor
Newport Beach, CA 92660
p: (949) 955-7940
