The space was formerly occupied by a Wells Fargo bank branch, which shut down two years ago. ATC Partners has been negotiating with the Gap since it purchased the 10-story, 240,000-sf building from the Keera Group for nearly $32 million last May. The Gap had been negotiating with Keera Group before the purchase, but talks began anew when ATC took control. Currently, Providian Financial is a major tenant in the building, which was built as class A office space in 1972. The building is adjacent to City Center, Oakland's only retail cluster--which is owned by the Shorenstein Co.
Currently, Gap is the only national retailer in the nearby area save for Sears. However, other chains such as Abercrombie & Fitch, Petite Sophisticate, Foot Locker, The Limited, Victoria's Secret and Gap Inc.'s own Old Navy are said to be seriously considering Oakland.
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