The property, which is located in a desirable location in the square, will be sold, under the proposal, for $17.2 million. These prime buildings on the Oakland waterfront include tenants, such as Barnes and Noble, TGI Friday's, Pizzeria Uno, El Torito and the Old Spaghetti Factory restaurants.

These publicly held assets attract more than 5 million visitors a year. The buildings were previously appraised at $18.5 million.

The sale is part of a huge bid deal that awarded the development team a $250 million waterfront project on public land south of Jack London Square. The developers leased the land for 66 years.