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TMG, KKR Claim Iconic Downtown Oakland Tower
San Francisco-based TMG Partners and New York-based KKR acquired 1221 City Center in Downtown Oakland for reportedly in the neighborhood of $255 million. The 24-story, 522,000-square-foot office tower is located at the intersection of Broadway and 12th Street, and was sold by an undisclosed party.
KKR is making the investment through its Real Estate Partners Americas II Fund. 1221 City Center is 99% leased to such tenants as Clorox, Union Bank, Stanford Health Care, Wells Fargo Bank and Parsons Brinkerhoff.
The building previously achieved a LEED Platinum rating by the USGBC. The iconic landmark features a panoramic Oakland skyline and Bay views, onsite retail amenities and ample parking, as well as bike lockers and showers.
The purchase is the second transaction by TMG and KKR in Oakland this year, following the purchase of 1330 Broadway in Oakland in July.
“We expect that the Oakland office market will continue its positive trajectory because of strong tenant demand and extremely limited supply,” says TMG’s David Cropper.
NKF’s Steven Golubchik, Tyler Meyerdirk and David Hosler represented the seller. The buyer worked with NKF’s Ramsey Daya, Chris Moritz, and Travis Bailey to raise debt for the acquisition.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition
