Avison Young completes the $14 million acquisition of historic office building in downtown Oakland, CA21 Sep 2021
New ownership plans renovation
Avison Young Principal Anthony Shell, LEEP AP represented the buyer, Sausalito, CA-based FH One, Inc. who also own 1212 Broadway, a 16-story, 124,000-sf office building in downtown Oakland.
Avison Young’s Shell, as well as Amber Merrigan and David Goldberg from the Avison Young Oakland office will be handling the leasing of the property.
Built in 1922 by architect Charles Dickey, the Renaissance Revival building served as PG&E’s headquarters until 1975 and was vacant until 1996. The asset is registered as a national historic landmark. The seller acquired the property in 1996 and conducted a major structural retrofit and historical renovation where it has since served as a multi-tenant office property.
“The downtown Oakland market is slowly starting to recover from the pandemic-induced slowdown,” said Shell. “Our buyer client is bullish on the market’s long-term strength and liked the asset’s high vacancy and value-add potential.”
Shell noted that FH One Inc. has now embarked on a renovation of the three vacant floors and lobby with completion anticipated in mid- to late-2022. FH One recently completed a major renovation of 1212 Broadway, restoring the classic elements of the building while providing a modern take and amenitization.
“We’re excited to be a growing part of downtown Oakland’s vibrant community,” said Daria Hosseinyoun, President of FHOne Investments.
1625 Clay Street features open ceilings, original exposed brick, and on-site parking and offers building signage opportunities. It is just 1.5 block to City Center BART and is walking distance to a number of dining and retail amenities.