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OAKLAND, CA-The University of California Regents has renewed its 117,000-sf lease at Kaiser Center, a 900,000-sf mixed-use complex overlooking Lake Merritt. The UC Regents signed an eight-year lease that commences upon expiration of its existing lease in May 2008.

Located at 300 Lakeside Dr., Kaiser Center consists of the 28-story, 784,689-sf Kaiser Center I office building; Kaiser Center II, a mixed-use, 128,730-sf retail/office building; and a five-story, 1,339-stall parking garage designed to service the two office assets.

UC Regents leases all of floors five, six and seven and portions of the third and 12th floors in Kaiser Center I. Prior to the renewal, there had been talk of Kaiser relocating. The negotiated lease rate on the deal was not revealed; the average full-service asking rate in the Lake Merritt submarket average $32.59 per sf per year.

Steve Barker, Kevin Brennan & Matt Hart of Studley represented UC Regents. Charlie Allen and Ryan Hattersley of Cushman & Wakefield represented the building owner.

Kaiser Center last changed hands in 2005. The Swig Co. of San Francisco and GMAC Institutional Advisors acquired the asset for about $190 million from a joint venture of El Segundo-based Summit Commercial Properties and its parent Highridge Partners. Summit and Highridge bought the building in 2003 for $100 million from a reorganizing Kaiser Aluminum and Newkirk-Kalan LP.

At the time Swig acquired it, Swig CEO Jeanne Myerson said, “This investment represents sane pricing with a decent return, is based on rents at or below market, and offers some redevelopment potential, along with a new development option on a portion of the site.”

In addition to UC Regents, Kaiser Center tenants include the Bay Area Rapid Transit Authority, which leases well more than 300,000 sf; the Kaiser Foundation Health Plan, which occupies about 75,000 sf; and California Bank & Trust, with about 45,000 sf.

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