{"id":1004339306,"date":"2019-07-18T01:30:09","date_gmt":"2019-07-18T09:30:09","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004339306"},"modified":"2021-05-15T05:00:54","modified_gmt":"2021-05-15T13:00:54","slug":"axa-investment-managers-buys-into-trophy-bay-area-office","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/axa-investment-managers-buys-into-trophy-bay-area-office\/","title":{"rendered":"AXA Investment Managers Buys Into Trophy Oakland Office"},"content":{"rendered":"<div id=\"attachment_1004339330\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/07\/180-grand.png\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" aria-describedby=\"caption-attachment-1004339330\" data-attachment-id=\"1004339330\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/axa-investment-managers-buys-into-trophy-bay-area-office\/180-grand\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/07\/180-grand.png\" data-orig-size=\"1143,886\" data-comments-opened=\"0\" 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=\"180 grand\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;180 Grande Ave.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/07\/180-grand.png?w=1024\" loading=\"lazy\" class=\"wp-image-1004339330 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/07\/180-grand.png\" alt=\"\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/07\/180-grand.png 1143w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/07\/180-grand.png?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/07\/180-grand.png?resize=768,595 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/07\/180-grand.png?resize=1024,794 1024w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004339330\" class=\"wp-caption-text\">180 Grande Ave. <em>Image via Google Street View<\/em><\/p><\/div>\n<p>AXA Investment Managers has completed, on behalf of a client, the acquisition of a 15-story, 279,000-square-foot Class A office building in downtown Oakland, Calif. The transaction was structured as a joint venture with Harvest Properties, in which AXA IM became the majority partner.<\/p>\n<p>AXA IM did not reply to <em>Commercial Property Executive<\/em>\u2019s request for additional information, including the building\u2019s seller. However, according to Yardi Matrix, sales data indicates that Harvest Properties had purchased the property in June 2017 from Ellis Partners for $119.2 million. The information further indicates that the sale was subject to an undisclosed loan from a private lender.<\/p>\n<hr>\n<p><strong>READ ALSO:<\/strong>&nbsp;<a href=\"https:\/\/www.commercialsearch.com\/news\/bain-sells-life-science-campus-for-255m\/\">Bain Capital Sells Life Science Campus for $255M<\/a><\/p>\n<hr>\n<p>Located at 180 Grand Ave., in Oakland\u2019s Uptown District, the property provides easy access to public transit, with a dedicated BART shuttle that transports tenants in two minutes to the 19th Street BART station, connecting downtown Oakland to Richmond, Antioch and the wider Bay Area. The LEED Platinum building reportedly is almost fully leased to a range of tenants that includes Harvest Properties, which has its headquarters there.<\/p>\n<p>Amenities include a tenant lounge, fitness center, conference facilities, bike storage, electric vehicle charging points, an outdoor patio and access to an adjacent 10-story, 370-space parking garage. Completed in 1981, the property has undergone refurbishment, tenant improvements and renovations since 2015.<\/p>\n<h2>Absorption trending more gross than net &nbsp;<\/h2>\n<p>The 180 Grand transaction follows AXA IM&#8217;&nbsp;acquisition last year of 1440 Broadway, an 89,000-square-foot office building, also in Oakland, and the purchase earlier this year of a Class A industrial property in San Bernardino, Calif.&nbsp;In a reminder of the company\u2019s global reach, AXA IM sold&nbsp;a <a href=\"https:\/\/www.commercialsearch.com\/news\/lasalle-buys-munich-office-portfolio-for-194m\/\">two-building office portfolio in Munich<\/a> for $194 million in January.<\/p>\n<p>The big news in Oakland\u2019s office market is Kaiser Permanente\u2019s plan to create one of the Bay Area\u2019s largest corporate campuses at 2100 Telegraph Ave., encompassing 1.6 million square feet. The Thrive Center will house 7,200 physicians and other employees, according to a second-quarter report from Cushman &amp; Wakefield. The development will\u2014unfortunately for Oakland office owners\u2014eventually put 1.5 million square feet across five buildings back on the leasing market, as Kaiser Permanente consolidates personnel at the new campus.<\/p>\n<p>Oakland\u2019s CBD currently has an average direct vacancy of approximately 10 percent on an inventory of about 12.7 million square feet. Average asking rent for Class A space in the CBD ranges from $4.92 to $5.34, again according to Cushman &amp; Wakefield.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>AXA IM took the majority stake in 180 Grand, a 15-story tower in downtown Oakland, in a joint venture with the previous sole owner. <\/p>\n","protected":false},"author":882,"featured_media":1004339330,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21742,21747,36079,15],"tags":[38432,32799,32824,35954,32779],"class_list":["post-1004339306","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-latest","category-office","category-san-jose","category-west","tag-axa-investment-managers","tag-cushman-wakefield","tag-harvest-properties","tag-kaiser-permanente","tag-leed"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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