OAKLAND, CA—Timing is everything, which is the case with theLEED Platinum office tower located at 1221 CityCenter in the heart of Oakland's CBD. The 24-story towerrecently sold to an undisclosed buyer, and the timing of thedisposition was specifically choreographed to play on the strengthof the Bay Area office market, says American RealtyAdvisors and its partner, WestcoreProperties.
Kirk Helgeson, American's chief investmentofficer, tells Globest.com: "The Bay Area market has beenperforming tremendously well and is continuing to drive demand toits surrounding submarkets, including Oakland. As office rentscontinue to increase throughout the San Francisco CBD, investorinterest in Oakland continues to grow. This continued growththroughout the area, coupled with the strong demand forhigh-quality office product made this the perfect time to sell thisasset."
The property encompasses 521,177 square feet and is locatedwithin Oakland's thriving City Center mixed-use development at theintersection of 12th Street and Broadway. 1221 City Center featuresimmediate access to BART, views, a newly renovated lobby and commonareas.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
