{"id":1004728837,"date":"2024-09-13T04:26:28","date_gmt":"2024-09-13T12:26:28","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004728837"},"modified":"2024-09-13T06:40:00","modified_gmt":"2024-09-13T14:40:00","slug":"behring-buys-bay-area-office-asset","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/behring-buys-bay-area-office-asset\/","title":{"rendered":"Behring Buys Bay Area Office Asset"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/09\/1950-Franklin-Street.jpg\"><img decoding=\"async\" data-attachment-id=\"1004728841\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/behring-buys-bay-area-office-asset\/1950-franklin-street\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/09\/1950-Franklin-Street-e1726222295674.jpg\" data-orig-size=\"640,480\" 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;\\u00a9 Yardi Systems, Inc.&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=\"1950 Franklin Street\" data-image-description=\"&lt;p&gt;Exterior shot of 1950 Franklin St. in Oakland, Calif.&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;The office building at 1950 Franklin St. will be part of the company\u2019s Stak Site urban campus, which will also include 1900 Broadway, a 452-unit community featuring office and coworking space. Image courtesy of CommercialEdge&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/09\/1950-Franklin-Street-e1726222295674.jpg?w=640\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/09\/1950-Franklin-Street.jpg\" alt=\"Exterior shot of 1950 Franklin St. in Oakland, Calif.\" class=\"wp-image-1004728841\" style=\"width:296px;height:auto\"\/><\/a><figcaption class=\"wp-element-caption\">The office building at 1950 Franklin St. will be part of Behring\u2019s Stak Site urban campus, which will also include 1900 Broadway, a 452-unit community featuring office and coworking space.<em> Image courtesy of CommercialEdge<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Behring Cos. has acquired 1950 Franklin St., a 446,998-square-foot office building in Oakland, Calif. Kaiser Permanente sold the 21-story asset for only $14.4 million, according to CommercialEdge information.<\/p>\n\n\n\n<p>As part of the deal, the company also purchased 1901 Franklin St., an adjacent 255,098-square-foot garage rising eight stories. The two structures will be part of Behring\u2019s Stak Site urban campus, a live-work-play destination that will also include 1900 Broadway, a recently completed 452-unit community.<\/p>\n\n\n\n<p>Kaiser had acquired the asset more than two decades ago, according to the <em>San Francisco Chronicle<\/em>. The company used to occupy the building that became mostly vacant after the pandemic started.<\/p>\n\n\n\n<p>The Class A building came online in 1975 and has floorplates averaging 21,286 square feet. The tower features event and conference venues, media production studios, a cafeteria, as well as other indoor and outdoor lifestyle amenities.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/where-to-find-the-bright-side-of-office\/\">Where to Find the Bright Side of Office<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>The new owner plans to conduct a redevelopment program that will lead to the building\u2019s integration into its real estate ecosystem at 1900 Broadway. The properties are connected through an elevated skybridge and provide direct access to the 19th Street BART Station.<\/p>\n\n\n\n<p>Located in Uptown Oakland, 1950 Franklin St. is close to a host of dining and retail options. Downtown San Francisco is 11 miles away, while the San Francisco Bay Oakland International Airport is less than 10 miles southeast.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-san-francisco-s-office-vacancy-rate-stays-high\">San Francisco\u2019s office vacancy rate stays high<\/h2>\n\n\n\n<p>Metro San Francisco saw $220 million in office investment volume year-to-date as of July, according to the latest <a href=\"https:\/\/www.commercialsearch.com\/news\/expanding-office-to-housing-conversion-potential\/\">CommercialEdge office report<\/a>. Assets traded on average for $269 per square foot, well above the $173 national average. Additionally, the metro\u2019s vacancy rate in July was 25.4 percent, well above the 18.1 percent U.S. figure.<\/p>\n\n\n\n<p>One of the most significant recent deals in the area was Swift Real Estate Partners\u2019 acquisition of Gateway at Millbrae Station, a 174,072-square-foot office building in Millbrae, Calif. Republic Family of Cos. sold the asset for $47.7 million or about $274 per square foot.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>This Uptown Oakland building traded at a significant discount.<\/p>\n","protected":false},"author":3355,"featured_media":1004728841,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,21742,21747,1609,15],"tags":[35954],"class_list":["post-1004728837","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-latest","category-office","category-san-francisco","category-west","tag-kaiser-permanente"],"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>Behring Buys Bay Area Office Asset - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Behring Cos. acquired 1950 Franklin St., a 446,998-square-foot office building in Oakland, Calif., and a parking structure for $14.4 million.\" \/>\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\/behring-buys-bay-area-office-asset\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Behring Buys Bay Area Office Asset\" \/>\n<meta property=\"og:description\" content=\"Behring Cos. acquired 1950 Franklin St., a 446,998-square-foot office building in Oakland, Calif., and a parking structure for $14.4 million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/behring-buys-bay-area-office-asset\/\" \/>\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=\"2024-09-13T12:26:28+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-09-13T14:40:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/09\/1950-Franklin-Street-e1726222295674.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"640\" \/>\n\t<meta property=\"og:image:height\" content=\"480\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Vicentiu Fusea\" \/>\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\/behring-buys-bay-area-office-asset\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/behring-buys-bay-area-office-asset\/\",\"name\":\"Behring Buys Bay Area Office Asset - 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