Prentiss Properties Trust Closes on a $63.3 Mil Deal

Prentiss Properties Trust is the new owner of the Lake Merritt Tower office building and Lake Merritt Tower II office development site. The Dallas-based office REIT paid $63.3 million for the properties, purchasing them from a fund managed by CB Richard Ellis Investors Inc.

Both the office and land are located at 155 Grand Avenue in Oakland’s central business district, with views of Lake Merritt and easy access to public transportation and several major freeways. The 10-year-old, 10-story Lake Merritt Tower has about 200,000 sf of Class A space that is fully leased.

Prentiss plans to begin developing the 2.5-acre Lake Merritt II site within the next year at an estimated cost of $145 million. It will begin marketing the building immediately.

Prentiss Properties Trust owns interests in 180 office and industrial properties, covering approximately 18.3 million net rentable sf, and is currently developing another 734,000 sf around the country. Prentiss’ property services division manages 44 million sf of office and industrial space.