Office Thrives Amid Strong Economy

OAKLAND, CA—Timing is everything, which is the case with the LEED Platinum office tower located at 1221 City Center in the heart of Oakland’s CBD. The 24-story tower recently sold to an undisclosed buyer, and the timing of the disposition was specifically choreographed to play on the strength of the Bay Area office market, says American Realty Advisors and its partner, Westcore Properties.

Kirk Helgeson, American’s chief investment officer, tells Globest.com: “The Bay Area market has been performing tremendously well and is continuing to drive demand to its surrounding submarkets, including Oakland. As office rents continue to increase throughout the San Francisco CBD, investor interest in Oakland continues to grow. This continued growth throughout the area, coupled with the strong demand for high-quality office product made this the perfect time to sell this asset.”