HFF Marketing Sale of Plaza 360

OAKLAND, CA—HFF has been selected to market the sale of Plaza 360, a 114,141-square-foot office building in Oakland.

HFF is marketing the property on behalf of the seller, a joint venture between ASB Capital Management, Inc. and Pacific Real Estate Partners, for an undisclosed amount free and clear of debt.

The building is located at 360 22nd Street at the intersection of Webster Street in Oakland's Uptown District within walking distance of a variety of restaurants, retailers and new multi-housing developments as well as several transportation options including the BART commuter rail, AC Transit and Interstates 980, 880, and 580.  Extensively renovated in 2008, the LEED-EB certified creative office space is 80 percent leased. 

The HFF investment sales team representing the seller is led by managing director Steven Golubchik, associate director Mark Damiani and associate John Simerlein.

“Plaza 360 presents investors with a unique opportunity to acquire a high-quality, premier office building in a thriving, transit-oriented location catering to both technology and traditional firms,” said Golubchik. 

“The property provides potential investors the option to increase cash flow by leasing up vacant space.  In addition, with approximately 55,000 square feet of leases expiring during the next three years, the asset presents the opportunity to increase rental rates upon rollover as market rental rates continue to rise in the Uptown District,” added Golubchik.

HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF).  HFF operates out of 21 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing.  www.hfflp.com.