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OAKLAND, CA-The downtown Kaiser building has changed hands for $4.8 million, according to recent reports. Tom Coates and Tim Scherer hope to close the sale within the next 75 days.

The building stands at 19th and Broadway, directly above The19th Street BART station. A small perking lot is also included in the purchase price. The 75-year-old building needs extensive renovation before being brought to market, which could add another $5 million to the price tag.

The building has stood vacant for more than 10 years, a result of damage from the ’89 quake, and unfriendly market conditions.

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