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Ellis Partners, Intercontinental Real Estate Close on Broadway Development Site in Downtown Oakland

Venture to Develop New Class A Tower, Integrate Historic Key System Bldg.
March 22, 2017
San Francisco-based Ellis Partners and Boston-based Intercontinental Real Estate have teamed up for the first time to acquire a half-acre development site at 1100 Broadway in downtown Oakland where the venture plans to construct a new Class A office tower.

Located across the street from Oakland Tower and the 12th Street Oakland City Center BART station, the site is home to the historic though derelict Key System building, a vacant 34,000-square-foot, seven-story property originally constructed in 1911 to house the headquarters of Key System Railway.

The new ownership's plans will include the development of the new high-rise as well as a full restoration of the Key System building with the intent to integrate the two properties. The site is zoned to allow for a development of up to 420,000 square feet though approved plans call for a 320,000-square-foot project.

The venture has already contracted Gensler to design the approved building with a groundbreaking expected for later this year. Chris Roeder, Sam Swan and Jon Elder of JLL have been tapped to handle leasing for the project.

According to the new owner, an unnamed tenant has already signed a long-term lease for 130,000 square feet in the lower floors of the tower, which is expected to deliver in 2019.

Michael Seifer, Rob Hielscher and Erik Hanson of JLL's capital markets team brokered the transaction on behalf of seller SKS Investments, a San Francisco-based commercial real estate investor, developer and advisor that had owned the site and vacant building for nearly a decade.

Representatives with Eastdil Secured arranged the partnership between Ellis Partners and Intercontinental Real Estate Corp.

For more information, please refer to CoStar COMP #3859585.
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