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California  + Office  | 

DivcoWest, Harvest Properties Selling Pair of Oakland Assets

Connect San Francisco is taking over the historic and newly renovated Hibernia Bank for the landmark’s first event ever since its grandiose redesign. Register today and join us on May 12th to hear more about what’s happening in CRE in the City. 

Soaring office values drove two of Oakland’s largest towers to be listed for sale at prices expected to exceed $200 million. DivcoWest is reportedly selling Lake Merritt Plaza and Harvest Properties, listed 555 12th St. Eastdil Secured is marketing the pair of properties.

DivcoWest acquired the 480,320-square-foot property, located at 1999 Harrison St., for $134.7 million in 2014 from Beacon Capital Partners. Harvest Properties and Prudential Real Estate Investors bought the 490,163-square-foot tower from CBRE Investors for $133.1 million in 2013.

The market’s low vacancy rate of 5%, combined with soaring rents into the $50 per square foot range, has pushed institutional investor demand to new heights. The owners are expecting to realize roughly 50% jumps in asset value.

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About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

  • ◦Sale/Acquisition
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