{"id":1004246174,"date":"2018-07-31T01:55:28","date_gmt":"2018-07-31T09:55:28","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004246174"},"modified":"2022-12-08T05:39:30","modified_gmt":"2022-12-08T13:39:30","slug":"kkr-acquires-office-development-in-oakland-ca","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/kkr-acquires-office-development-in-oakland-ca\/","title":{"rendered":"KKR Acquires Office Development in Oakland, CA"},"content":{"rendered":"

By Keith Loria, Contributing Editor<\/em><\/p>\n

\"1330<\/a>

1330 Broadway<\/p><\/div>\n

KKR has acquired 1330 Broadway, a 320,000-square-foot office building in Oakland, Calif., from TMG Partners.<\/p>\n

Financial details were not disclosed, though reports reveal the price was north of $173 million. TMG Partners acquired the 1958 building in 2015 for $80 million<\/a> from Myron Zimmerman Investments. <\/p>\n

Since that time, the company oversaw a major redevelopment of the property on behalf of its investor, a sovereign wealth fund. Renovations included upgrading the lobby and building entrance, modernizing the elevator and building systems, adding new common area finishes, enhancing the conference facilities and adding bike parking and commuter showers.<\/p>\n

As part of the deal, TMG will invest in a new partnership with KKR, and will continue with onsite property management and asset management for the building, handling leasing and capital improvements at the property.<\/p>\n

\u201cIt is gratifying to have been able to revitalize one of downtown Oakland\u2019s best buildings,\u201d <\/em>Michael Covarrubias, TMG\u2019s chairman & CEO, said in a prepared statement. \u201cThe redevelopment of this urban infill, transit-oriented building has only strengthened our commitment to Oakland and our tenants at 1330 Broadway. We look forward to being partners with KKR as we continue to manage the property.\u201d<\/em><\/p>\n

Current tenants include Oracle, Arup, Clovis Oncology, UCSF, Verizon, Chase Bank and Citizens Engagement Lab.<\/p>\n

The property is located at the 12th St., Oakland BART station, which is directly served by AC Transit.<\/p>\n

Activity in Oakland<\/strong><\/h2>\n

The deal represents KKR\u2019s second investment in the Oakland market.<\/p>\n

\u201cWe believe Oakland has attractive long-term secular growth trends driven by its accessibility to transit, a growing retail amenity base, and a meaningful amount of residential development,\u201d <\/em>Justin Pattner, KKR\u2019s head of real estate equity in the Americas, said. \u201cTMG has successfully repositioned the property into a top building in Oakland, and we look forward to the next phase of the leasing business plan.\u201d<\/em><\/p>\n

TMG is also bullish on Oakland. In 2017, TMG acquired 2201 Broadway, an eight-story, 198,000-square-foot office building in Uptown Oakland. The company is also entitling an almost 750,000-square-foot office and retail tower at the intersection of Grand and Telegraph Avenues.<\/p>\n

Image courtesy of TMG Partners<\/em><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

TMG reportedly sold the 320,000-square-foot downtown building at 1330 Broadway for more than $173 million, and will continue to provide onsite property and asset management on behalf of the new owner.<\/p>\n","protected":false},"author":451,"featured_media":1004246177,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21783,21742,21747,1609,15],"tags":[32883,41405,33148],"class_list":["post-1004246174","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-investment","category-latest","category-office","category-san-francisco","category-west","tag-kkr","tag-myron-zimmerman-investments","tag-tmg-partners"],"acf":[],"yoast_head":"\nKKR Acquires Office Development in Oakland, CA - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/kkr-acquires-office-development-in-oakland-ca\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"KKR Acquires Office Development in Oakland, CA\" \/>\n<meta property=\"og:description\" content=\"TMG reportedly sold the 320,000-square-foot downtown building at 1330 Broadway for more than $173 million, and will continue to provide onsite property and asset management on behalf of the new owner.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/kkr-acquires-office-development-in-oakland-ca\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2018-07-31T09:55:28+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T13:39:30+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/07\/1330-Broadway.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Keith Loria\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/kkr-acquires-office-development-in-oakland-ca\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/kkr-acquires-office-development-in-oakland-ca\/\",\"name\":\"KKR Acquires Office Development in Oakland, CA - 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