TMG Partners to Enter Oakland Market with Office Tower Buy
TMG Partners is in talks to buy an Oakland office tower, showing that one of the Bay Area's largest developers sees opportunity in the East Bay city.
TMG is in talks to buy 1330 Broadway, which would be the company's first step into Oakland's downtown office market. The tower, with more than 328k SF, is the city's 12th-tallest building. It was built in 1958 and sits next to the 12th Street BART Station.
TMG plans to buy $470M in Bay Area real estate, and closed a $150M account earlier this month that frees up more cash, reports the San Francisco Business Times. The company sold a development site at San Francisco's First and Mission streets in February for $1.6B, and has sold off space in Silicon Valley as well.
Uber's $123.5M purchase of the Sears Building (now Uptown Station) earlier this year shows how the Oakland office market is gaining more prominence in the Bay Area as high rents and a lack of space in San Francisco push companies to look elsewhere. [SFBT]
