{"id":1004134815,"date":"2016-01-18T05:14:52","date_gmt":"2016-01-18T13:14:52","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004134815"},"modified":"2022-03-03T14:59:23","modified_gmt":"2022-03-03T22:59:23","slug":"oakland-office-tower-sold-as-market-improvement-continues","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/oakland-office-tower-sold-as-market-improvement-continues\/","title":{"rendered":"Oakland Office Tower Sold As Market Improvement Continues"},"content":{"rendered":"<p>By <em>Alex Girda, Associate Editor<\/em><\/p>\n<p><strong>Oakland, Calif.<\/strong> \u2013 One of Oakland\u2019s prime office assets recently traded hands as a joint venture consisting of <a href=\"https:\/\/www.americanreal.com\/\" target=\"_blank\" rel=\"nofollow noopener\">American Realty Advisors<\/a> and <a href=\"https:\/\/www.westcore.net\/\" target=\"_blank\" rel=\"nofollow noopener\">Westcore Properties<\/a> announced the sale of 1221 City Center. The sellers worked with real estate company <a href=\"https:\/\/www.eastdilsecured.com\/\" target=\"_blank\" rel=\"nofollow noopener\">Eastdil Secured<\/a>\u00a0in the transaction.<\/p>\n<div id=\"attachment_1004134816\" style=\"width: 216px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/1221-City-Center.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004134816\" data-attachment-id=\"1004134816\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/oakland-office-tower-sold-as-market-improvement-continues\/1221-city-center\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/1221-City-Center.jpg\" data-orig-size=\"570,830\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"1221 City Center\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;1221 City Center&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/1221-City-Center.jpg?w=570\" class=\"size-medium wp-image-1004134816\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/1221-City-Center.jpg\" alt=\"1221 City Center \" width=\"206\" height=\"300\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/1221-City-Center.jpg 570w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/1221-City-Center.jpg?resize=206,300 206w\" sizes=\"auto, (max-width: 206px) 100vw, 206px\" \/><\/a><p id=\"caption-attachment-1004134816\" class=\"wp-caption-text\">1221 City Center<\/p><\/div>\n<p>Located in Oakland\u2019s CBD, at the core of what is an increasingly sought-after market, the 24-story asset is a Class A office property offering 521, 177 square feet of space. Its position at the intersection of 12th Street and Broadway in the City Center mixed-use development allows for great tenant amenities such as shopping and dining. The office tower also offers proximity to a BART station, allowing for great mobility across the Bay Area.<\/p>\n<p>The LEED Platinum-certified property\u00a0has a newly-renovated lobby and high-end finishes in its common areas, the direct result of around $21.5 million in capital improvements put in place by American and Westcore. Originally built in 1976, the tower was transformed into an upscale office property that currently operates at just 2 percent vacancy.<\/p>\n<p>As the Bay Area continues its boom, and demand for office space stays high, Oakland will continue to benefit from the overflow coming in from Silicon Valley and San Francisco. Properties such as 1221 City Center will continue to thrive as rents go up, with the quality of office tenants progressively increasing.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>With the market trending upwards across the Bay Area, a LEED-Platinum office tower changes ownership. <\/p>\n","protected":false},"author":41,"featured_media":1004134816,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21783,21742,21747,1609,15],"tags":[],"class_list":["post-1004134815","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-investment","category-latest","category-office","category-san-francisco","category-west"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Oakland Office Tower Sold As Market Improvement Continues - 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