Oakland, CA – San Francisco-based Ellis Partners announced that it has acquired the 277,030 square foot multi-tenant office building known as “180 Grand” in downtown Oakland, California. The project was acquired from an institutional investor.
The property is a well-leased, multi-tenant office building at the southern edge of Broadway/Valdez specific plan district. This acquisition represents the fifth purchase by commercial developer/investor Ellis Partners with capital partner Artemis Real Estate Partners.
180 Grand is a fifteen story office building located at the prominent corner of Grand Avenue and Harrison Street adjacent to Oakland’s Lake Merritt. The property also includes a surface parking lot and a nine story parking structure across the street. It features spectacular views, an on-site café, fitness center, secure bicycle parking and a dedicated shuttle to BART (located six blocks away).
“This is a well-leased, institutional quality asset. It has been well-maintained in a market with high barriers to entry for new development,” said Gordon Hess, Partner and Managing Director of Ellis Partners. “There is a strong and diversified tenant roster in place and the building offers dramatic views and good curb appeal, which we plan to significantly enhance. It is well-positioned to capture the benefits of the improving Oakland office market,” he added.
Artemis Real Estate Partners is a real estate investment management firm that invests with best-in-class local operating partners, both established and emerging, in multifamily, office, industrial, retail and senior housing across opportunistic, value added and enhanced core strategies. Artemis has raised over $1.8 billion of investor capital across two commingled value-add/opportunistic fund vehicles and an enhanced core emerging manager separate account with The New York State Common Retirement Fund. Artemis’s sole focus is U.S. commercial real estate. More information about Artemis may be found at www.artemisrep.com.