CIM Group Acquires Uber’s Uptown Station in Oakland, CA
The buyer will continue redeveloping the former department store into a 356,000-square-foot Class A creative office and retail property, with the building expected to open by the end of 2018.
By Jeff Hamann
Oakland California from across Lake Merritt
CIM Group has purchased Uber’s Uptown Station in Oakland, Calif. The property sold for $180 million, according to the San Francisco Business Times. Uber had marketed the building for sale earlier this year.
Built in 1929 as a department store, Uber began adaptive reuse work on the structure in 2015 to convert it into a creative office/retail development, and CIM plans to complete the project by the end of 2018. Upon completion, the building will contain 356,000 square feet of office space over about 35,000 square feet of street-level retail.
Located at 1954 Telegraph Ave., the property sits right next to the 19th Street/Oakland BART station and is within a three minute walk of bus stops served by numerous routes. A bike share station is positioned immediately next to the building, and Interstate 980 also offers easy access to and from the property. Uptown Station sits in a busy retail area, with multiple stores, restaurants and bars less than a quarter mile away.
“With immediate access to a BART station at 19th Street, the building’s historic character, exceptional 78,000-square-foot floorplates on three floors, ample ceiling heights, interior atrium, and abundant outdoor deck space, Uptown Station is a rare opportunity and a standout among office properties in the Bay Area for a broad array of large creative office tenants,” said Avi Shemesh, co-founder & principal of CIM Group, in a prepared statement.
CIM Group has acquired multiple properties this year across the country, including Brooklyn’s tallest office building.
Photo courtesy of David Corby via Wikimedia Commons
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