Bullock Capital has acquired a 27,440-square-foot creative office property in Downtown Oakland from SpringTide Franklin LLC. The sales price was not disclosed, but sources unrelated to the deal report that the property traded hands for $15 million.

Located at 1504 Franklin Street, the property was fully renovated in 2018 with top-to-bottom improvements that include seismic upgrade, new building systems, tech-drive building security and high-end creative finishes. The property features abundant natural light with 18 skylights throughout the property, and 2,000 square feet of ground floor retail. At the time of the sale, the two-story building was 81% leased and anchored by Comfy | Enlightened, a Siemens Real Estate subsidiary.

Colliers brokers Will Cliff and Aileen Dolby represented the seller in the transaction, and said that the sale was a good illustration of demand returning to the office sector. Last year, Oakland outperformed neighboring San Francisco, according to research from Marcus & Millichap. Before the pandemic, many companies priced out of the San Francisco market moved to the East Bay, but many of them, according to the report, were not able to transition to a remote-work model during the pandemic. As a result, those businesses stayed in-office, curtailing the vacancy issues that created a significant challenge for office owners in San Francisco.