Swift Real Estate Partners purchased a 24-story office tower in downtown Oakland for more than $300 million, betting on an eventual recovery in the office market.
The 565,900-square-foot tower, perched above a BART station at 1111 Broadway, was sold by the University of California Office Regents, SiliconValley.com reports.
After the COVID-19 pandemic forced many businesses to embrace a work-from-home policy, the office leasing market is slowly beginning to recover. While some cities are seeing faster recovery, San Francisco has been lagging, with only 24 percent of the leasing volume average from 2018-2019.
Swift paid more than $327 million for the tower, with the help of a $218.5-million loan from the New York City offices of Brookfield Partners.
Other high-profile deals that took place in Oakland this year include Uptown Station being purchased by Mapletree Investments in March and TMG Partners buying 300 Lakeside Drive in November 2020.
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[SiliconValley.com] — Victoria Pruitt