High-rise commercial buildings

Sub Markets

Property Sectors

Topics

California CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

New call-to-action
California  + Office  | 

Principal Financial Acquiring Oakland Tower for More Than $200M

Des Moines, Iowa-based Principal Financial Group is set to acquire 555 12th St., one of Oakland’s largest office buildings. The global institutional investor is reportedly under contract to purchase the 490,000-square-foot tower for more than $200 million from Harvest Properties and equity partner Prudential Real Estate Investors.

Harvest and Prudential acquired the 21-story asset in 2013 for $133.1 million from CBRE Investors. If the Principal Financial deal goes through at more than $400 per square foot, it would represent roughly a 50% return in just three years.

The 90% leased asset is part of the City Center complex, and lists such companies as Ask.com and CRE firms Cushman & Wakefield and CBRE Group Inc. on its tenant roster.

Cushman & Wakefield’s Dane Hooks and John Dolby handle leasing at the LEED Gold Certified building.

Connect

Inside The Story

Read More at San Francisco Business TimesConnect with Harvest Properties’ Awais MughalConnect with Cushman & Wakefield's Dolby

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
New call-to-action
New call-to-action
New call-to-action