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CIM Group Acquiring Uber Building for $220M
Los Angeles-based CIM Group is reportedly acquiring Uber’s 380,000-square-foot office building in Oakland for $220 million. Though the deal hasn’t yet closed, sources say CIM has placed down a major non-refundable deposit.
NKF had been engaged to market the Uptown Station property located at 1954 Telegraph Ave., which was known as the Sears Building. Uber had acquired the building in 2015 for $123.5 million from Menlo Park-based Lane Partners and Chicago-based Walton Street Capital.
The ride-sharing company would lease back an undisclosed portion of the building. The 1929 Beaux-Arts building is undergoing renovations and is expected to be ready for occupancy in the next six to nine months.
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