March 13, 2023 9:00 AM
Newmark announces the sale of the historic Palace Theater located at 1445 23rd Avenue in Oakland, California, which will serve as a new location for BayTech Charter School, or the Bay Area Technology School.
Newmark Director Shawn Klein, in collaboration with Haley Klein of Maven Properties, represented the buyer, BayTech Charter School, in the transaction for $2.2 million.
“We are thrilled to be a part of the growing educational sphere that surrounds Oakland, more notably serving one of the area’s top performing charter schools,” said Shawn Klein. “The Palace Theater’s redevelopment plans are outlined to create a highly unique and personalized learning space for BayTech’s students, allowing BayTech a new opportunity for implementing its STEM-focused educational programming.”
Originally built in 1923 for vaudeville performances, the Palace Theater transitioned to a movie theater in 1931 before serving as a church space from 1953 to 2013. The building continued to serve as an events and church space until BayTech’s acquisition.
BayTech plans a three-story renovation of the building to include a gymnasium, lobby areas, several classrooms and administrative offices, while retaining much of the building’s historic architecture. The project is scheduled for completion in fall 2024.
Founded in Downtown Oakland in 2004, BayTech is a tuition-free college-preparatory public charter school serving 6th through 12th grade, with emphasis on STEM education. BayTech is consistently ranked in the top three of all Oakland public schools, with a 100% high school graduation and UC A-G readiness rate for the past 5+ years. 84% of BayTech’s student population classify as socio-economically disadvantaged.
Ben Weinstein of Weinstein Local represented the undisclosed seller in the transaction.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues of approximately $2.7 billion for the year ending December 31, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 180 offices with nearly 6,700 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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- Newmark Represents BayTech Charter School in the …
Newmark Represents BayTech Charter School in the Sale of Historic Palace Theater in Oakland, California
The century-old space will be repurposed to serve BayTech’s educational programming
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