Financing Announced for Jack London Square Development

Oakland, CA – Ellis Partners LLC has announced financing for a major multi-building retail, office and open space development at Oakland’s Jack London Square. As part of the $200 million dollar equity and debt deal, Jack London Square Investors, a partnership between Ellis Partners LLC, Jim Falaschi and a CarVal Investors’ managed account, will welcome the National Electrical Benefit Fund to the venture. Jack London Square Investors has secured debt financing from Bank of America to round out the project financing.

The first phase of construction will include four mixed use buildings totaling 250,000 square feet. They include a 31,200 square foot retail and office building adjacent to Oakland’s ferry terminus, a 170,000 square foot mid-rise building with 100,000 square feet of Class A waterfront office space and 70,000 square feet of restaurants and food related uses, including a public market, a 1,086-car parking garage and a 10,000 square foot retail shops building adjacent to the existing Barnes and Noble store. Future phases of construction total another 500,000 square feet and include two additional mid-rise office and retail buildings and a 4 star, 250-room hotel.

The National Electrical Benefit Fund (NEBF) was created by the International Brotherhood of Electrical Workers and the National Electrical Contractors Association. With over $11 billion in net assets, NEBF ranks as the third largest Taft-Hartley pension fund in the U.S. NEBF focuses their real estate investment in developments across the country; this will be NEBF’s first project in Oakland.

“We have a long history of investing in well-planned projects with excellent economic prospects, and this effort in Jack London Square perfectly fits that description,” said Ryan Whitaker, an Equity Investment Officer at NEBF.

All of the participants in this financing share a unique vision for Jack London Square, one that was the result of collaboration with numerous public agencies and residents and included more than 200 public meetings. “We are committed to developing Jack London Square into a thriving collection of quality waterfront offices, exciting locally based food artisans, purveyors and related retail uses. As local residents, we understand first-hand the unsatisfied demand for an inviting place to dine, shop, slow down and experience a world-class public market and everything it has to offer. Jack London Square will become an integral destination in the life of the City and surrounding areas,” said James Ellis, Principal of Ellis Partners. “This vision that we’ve created together is a great fit for Oakland’s cultural and commercial needs,” said Jim Falaschi, a partner of Jack London Square Investors. “It will serve as a local and regional draw that will deliver enormous economic benefits for all of Oakland.”

Creating a sense of place and maintaining the area’s natural and commercial history were identified by the community as priorities. As a result, the project has been designed to preserve the local landscape and connect the waterfront to the City. At least two acres of open space will be renovated for community events and recreation, including walking and bicycling along the waterfront.

“As Jack London Square continues to evolve as a popular entertainment destination spot along our waterfront, the Port of Oakland is committed to working closely with our business partners and community stakeholders,” said Port of Oakland Executive Director Omar Benjamin. “Together, we can bring Oakland more retail options, while at the same time promote open space for children and families to enjoy.”

About Ellis Partners:
Ellis Partners LLC was founded in 1993 for the purpose of acquiring and developing commercial real estate properties. The firm has a long history of championing and completing architecturally significant renovation projects. More information is available at

About CarVal Investors:
CarVal Investors is a global leader in opportunistic value investing, including real estate, loan portfolios and corporate securities. Founded in 1987, CarVal Investors has acquired more than $19 billion in assets in 2,900 transactions. Today, the firm manages $12 billion in assets in 12 offices across the globe. More information is available at