Bullock Group, a Silicon Valley commercial real estate operator, bought a century-old office building as post-pandemic workers start to trickle back.
The two-story building at 1504 Franklin Street, on the corner of 15th Street, was built in 1923 and renovated in 2018, the Mercury News reported. Menlo Park-based Bullock Capital paid $13.6 million for it with the help of a $10.5 million loan from Northern Trust.
“Headlines have been focused on companies giving back space and work-from-home,” a representative for Bullock told the Mercury. “We are big believers that people are yearning for connection and community while being able to maintain a work-life balance.”
Across the Bay in San Francisco, workers are returning to the office more slowly than other metropolitan areas. Some 29 percent of offices were occupied as of mid-March, up from 10 percent during the omicron surge, according to a report from security company Kastle. That’s below nine metropolitan areas tracked by the company, including 38 percent in LA and 58 percent in the Texas capital.
The seller of the Oakland building, a group of investors led by real estate executive Douglas Morss, didn’t disclose what it paid for the property in 2016. Property records show it had an assessed value of $3.9 million.
The Morss group renovated the structure, previously known as the Pacific Law Building. It borrowed $8.25 million in 2018 for the work.
The building has a mezzanine level and outdoor patio, as well as 18 skylights. Some of the amenities mentioned on LoopNet include controlled access, a security system, kitchen, central heating and air, shower facilities and bicycle storage.
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[MN] — Victoria Pruitt