Full Service Bay Area Real Estate Developer and Global Investment
Firm Acquire a 15-Story, Class A Office Building in the Heart of
Downtown Oakland, CA
EMERYVILLE, Calif.--(BUSINESS WIRE)--
Harvest Properties, a full service commercial real estate investment,
development and management firm ("Harvest") and KKR, a leading global
investment firm, announced today they have acquired 180 Grand Avenue in
Oakland, California, from a partnership between Ellis Partners and
Artemis Real Estate Partners for an undisclosed sum. The Class A office
development is comprised of a 15-story, multi-tenant office building
totaling 278,596 square feet in the heart of the downtown Oakland,
proximate to both Lake Merritt and the burgeoning Uptown district.
Situated at the corner of Grand Avenue and Harrison Street, 180 Grand is
directly across from Lake Merritt and its 122-acre adjoining park and
offers unobstructed views of the Berkeley and Oakland Hills to the north
and east and the Oakland Skyline and San Francisco Bay view to the south
and west. The Property offers ample parking for tenants and visitors
through the combination of a 10-level parking structure situated on a
separate adjacent parcel containing parking for 381 cars as well as 9
surface spaces immediately proximate to the building. The 19th Street
BART station is just six short blocks away and the Property offers a
dedicated shuttle service to the station as a tenant amenity. Additional
building amenities include bike storage, a fitness center with locker
room facilities and an outdoor meeting courtyard with WiFi.
The Property offers highly efficient 19,000 square foot floor plates
with an off-set elevator core, allowing for easy accommodation of both
single- and multi-tenant occupancy configurations. Currently 95% leased
to a diverse roster of high-quality tenants, including engineering
consultant AMEC Foster Wheeler, insurance provider Healthnet of
California, payment API software developer Marqeta, Bank of America,
Charles Schwab and Deloitte, the Property's mix of traditional office
build-outs and open-ceiling/open-plan creative spaces appeal to the
universe of today's office users.
"We are thrilled to be making our fourth investment in downtown Oakland
in as many years," said Awais Mughal, Partner at Harvest Properties.
"180 Grand represents an excellent opportunity to acquire a high-
quality office asset at the crossroads of the amenity-rich Uptown
submarket and the heart of Oakland's residential renaissance. The
Property's proximity to Uptown's high-quality restaurants and retail
coupled with the numerous nearby multifamily housing developments
underway demonstrate Oakland's near term future as a live-work-play,
24/7 urban environment. KKR and Harvest both recognize and believe in
the demonstrable revitalization that Oakland is experiencing and are
excited to continue to contribute to the City's future vitality through
"We are excited to be partnering with Harvest and to be making our first
investment in Oakland. It's a market we believe has attractive long-term
secular growth trends driven by its accessibility to transit, a growing
retail amenity base and a meaningful amount of residential development,"
said Justin Pattner, Co- Head of Real Estate Acquisitions at KKR.
KKR is making the investment primarily through its Real Estate Partners
Americas Fund L.P.
About Harvest Properties
Founded in 2002, Harvest Properties is a full service commercial real
estate investment firm specializing in acquiring, developing, managing
and financing commercial property, primarily through joint venture
investments in Northern California. Harvest Properties strives to
generate attractive returns for its financial partners and provide
creative real estate solutions and outstanding service. Harvest
Properties' portfolio comprises approximately ten million square feet of
office, industrial, R&D and retail properties in the San Francisco Bay
Area. For more information, please visit www.harvestproperties.net.
KKR is a leading global investment firm that manages investments across
multiple asset classes including private equity, energy, infrastructure,
real estate, credit and hedge funds. KKR aims to generate attractive
investment returns by following a patient and disciplined investment
approach, employing world-class people, and driving growth and value
creation at the asset level. KKR invests its own capital alongside its
partners' capital and brings opportunities to others through its capital
References to KKR's investments may include the activities of its
sponsored funds. For additional information about KKR & Co. L.P.
(NYSE:KKR), please visit KKR's website at www.kkr.com
and on Twitter @KKR_Co.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170619005426/en/
Kathryn Collins, 510-808-5216
Source: Harvest Properties
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