Emeryville Office Tower Sells
Another property has changed hands in Emeryville. The CBRE Strategic Partners U.S. Value 8 fund, which is managed by CBRE Global Investors, has acquired 2100 Powell in Emeryville. The 16-story, 346K SF office tower is LEED Gold-certified and has a four-level parking garage. The building is 98% leased.
The property was previously sold to Blackstone as part of a $1.1B acquisition of seven properties from Hines.
The acquisition falls on the heels of Hackman Capital Partners purchasing a five-building portfolio in the city. EverWest Real Estate Partners and Black Salmon purchased an eight-story office tower at 6001 Shellmond St. in November for $33M.
“With its robust economic growth and a lower overall cost of living compared to San Francisco, the Oakland metro is a focus market for this fund,” CBRE Global Investors Head of Strategic Partners U.S. Robert Perry said in a statement. “And with its concentration of high-quality office space, plentiful retail and residential amenities, the Emeryville submarket is considered one of the Bay Area’s premier addresses for technology, healthcare, life science, and professional service tenants.”
The 2100 Powell building is on the East Bay waterfront with easy access to the Interstate 80 freeway. The property is served by the Emery Go-Round shuttle, providing express service to the MacArthur BART station, as well as a variety of Emeryville restaurants and retail shops.
As active real estate operators, the team plans to implement CBRE Global Investors’ proprietary 5-Star Worldwide concierge program to create a connected, experience-rich environment. In addition to creating dynamic physical space, the company plans to add intuitive hospitality and technology to help tenants save time, boost productivity and increase engagement with the property.
The team will update tenant common areas and enhance tenant service by adding a bike rental program and Zipcar parking.
