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CIM Group Divests Trio of Oakland Assets to Starwood for Nearly $500M
Connecticut-based private investment firm Starwood Capital acquired three Oakland office towers for a reported $494 million combined from Los Angeles-based CIM Group. The deal involves buildings located at 2100 Franklin St., 2101 Webster St. and 1900 Harrison St.
Oakland Center 21, a 475,000-square-foot asset at 2101 Webster St., and the 215,000-square-foot 2100 Franklin (pictured) traded for $347.1 million, while the 272,000-square-foot 1900 Harrison sold for $147.2 million. Starwood secured $364.5 million in financing from Deutsche Bank to acquire the three office towers and the parking garage, according to public records.
CIM Group is Oakland’s biggest landlord, whose holdings include the iconic waterfront mixed-use complex, Jack London Square. Its existing Oakland portfolio and development pipeline exceeds four million square feet.
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