180 Grand



This 15-story 276,000 square foot multi-tenant office building is located in the Lake Merritt submarket of the Oakland CBD. Constructed in 1981 and offering panoramic city and lake views from many floors, the property was substantially leased at purchase but suffered from a distinctly dated exterior appearance along with an unfinished interior renovation program and was viewed as a somewhat marginal commodity office project in the market. Anticipating a significant Oakland office market improvement in the near term, Ellis Partners purchased the property below replacement cost and implemented capital upgrades to the building exterior, lobby and common areas resulting in a far more contemporary look and feel to the property.  As the anticipated improvement in the Oakland office market occurred and significant new residential/retail development commenced in the adjacent Broadway-Valdez Specific Plan Area adjacent to the subject, the repositioned building – in a clearly improving and newly desirable “Uptown” neighborhood – was able to achieve 100% occupancy and command a premium rent.