Newmark has announced it has completed the $48 million sale of Tribune Tower, an iconic 22-story office tower totaling 95,353-square-feet in downtown Oakland, CA.
Newmark Vice Chairman Steven Golubchik, Senior Managing Director Tyler Meyerdirk, Vice Chairman Grant Lammersen, and Senior Analyst David Hosler represented the sellers, Harvest & True North. The buyer, Highbridge Equity Partners, was self-represented.
Located at 409 13th Street, Tribune Tower was originally built in 1906. The seller recently invested more than $12 million in capital improvements, including an extensive seismic retrofit. The asset is centrally located on 13th Street between Broadway and Franklin, one block from the City Center BART Station and surrounded by an abundance of new housing developments and retail amenities.
“Tribune Tower was 55 percent leased at the close of escrow. The iconic tower’s roughly 40,000-square-feet of vacant, best-in-class office space offers the new ownership immediate leasing upside in downtown Oakland, a submarket that is one of the tightest in the country with a vacancy of under five percent,” said Meyerdirk. “Surrounded by high-profile mixed-use developments, Tribune Tower embodies all of the aspects of Oakland that is attracting innovative companies like Square to the area.”
The tower features high end creative office finishes with 12’ ceilings, efficient floor plans, 360 degree views of the Oakland Hills, Lake Merritt and the San Francisco Bay, and rare on-site parking. Additionally, it is walking distance to more than 200 retail, dining, and entertainment options and is a one-minute walk to City Center BART.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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