Oakland’s Biggest Office Leases Of 2017
Demand for office in Oakland’s central business district is rising and several large deals were inked this year within blocks of each other. Two large leases have helped jumpstart long-stalled office projects and several companies are occupying recently renovated space.
Many companies have been moving into Oakland from San Francisco and elsewhere as a more affordable option with access to public transportation. Oakland also is closer to where many employees live in the East Bay.
Check out the biggest office leases in Oakland for 2017 below:
Blue Shield
Size of Lease: 200K SF
Location: 601 City Center
Developer/Building Owner: Shorenstein and MetLife
Expected Occupancy: mid-2019
Blue Shield’s lease in downtown Oakland helped get a long-stalled office project started. The health plan provider will move from its headquarters in San Francisco into the new office to decrease costs and be closer to where its employees live in the East Bay. The 600K SF tower at 601 City Center will be Oakland’s first large office tower in nearly a decade. Shorenstein Senior Vice President and Regional Leasing Manager Tom McDonnell and Cushman & Wakefield Executive Director John Dolby and Managing Director Dane Hooks represented the landlord.
University of California
Size of Lease: 130K SF
Location: 1100 Broadway
Developer/Building Owner: Ellis Partners and Intercontinental Real Estate Corp.
Expected Occupancy: 2019
University of California’s lease at 1100 Broadway is the second-largest lease for to-be-built office space in Oakland. The JV owners will build a 320K SF Class-A tower and restore an existing seven-story historical building. JLL International Director Chris Roeder, Managing Director Sam Swan and Vice President Jon Elder will market the space for leasing.
WeWork
Size of Lease: 75K SF
Location: 1111 Broadway
Developer/Building Owner: University of California
Occupancy: December
WeWork capped off the year with its first Oakland location, occupying three and a half floors in downtown Oakland at the start of December. The new location is expected to accommodate 1,400 members. Cushman & Wakefield represented the landlord. WeWork has 14 locations in the Bay Area.
Clovis Oncology
Size of Lease: 32K SF
Location: 1330 Broadway
Developer/Building Owner: TMG Partners
Occupancy: TBA
Clovis Oncology’s lease topped off an active year for TMG Partners’ 1330 Broadway, which also gained Oracle and Arup as tenants. Oracle signed a 16K SF lease and Arup signed a 16K SF lease during the year. Following the Clovis lease, 1330 Broadway reached 85% occupancy. Cushman & Wakefield Executive Director John Dolby and Managing Director Dane Hooks represented TMG Partners for all three of these leases.
Solar Mosaic
Size of Lease: 30K SF
Location: Kaiser Center, 300 Lakeside Drive
Developer/Building Owner: The Swig Co.
Occupancy: September
Solar Mosaic will move out of its downtown location and into 30K SF on the 24th floor at Kaiser Center. Kaiser Center was 97% leased as of May. Cushman & Wakefield Executive Managing Director Ryan Hattersley represented the landlord.
