East Bay Office Group
Archive for the 'Uncategorized' Category
Oakland Office Lease Renewal / Extend and Blend
Ben and I recently represented a client on what we call an extend and blend transaction for their Oakland office space. We were able to approach their landlord and lower their current rent rate by extending the term. In exchange for the longer term the landlord was willing to give the tenant a break on their remaining lease term. In troubled economic times like these when vacancies tend to be high and competition among landlords is fierce an extend and blend transaction can be a valuable tool enabling tenants to lower their current rent while locking in the current low lease rates for a long time. We were able to save our client approximately 12% on their rent expense over the next 30 months. These saving can be significant over the life of the lease.
If you would like a no obligation lease review to see if a blend and extend is right for your company please contact Dave at (510)903-7601 or Ben at (510)903-7606.
Hayward Office/Flex Space For Lease
23314 Cabot
We have just been hired to list 7,500 square feet of office/flex space for lease at 23314 Cabot in Hayward. The asking rate is only $.55 per square foot industrial gross. The space is very flexible as it has nice office finishes and open area that can be used as a showroom, cubicle office space, or can be converted to warehouse space with excellent clear height. For more information please contact Dave at (510)903-7601 or Ben at (510)903-7606.
San Leandro Office Space Leases
We just completed a new lease with a company at 14895 E 14th St. The landlord’s ability to provide tenant improvements and to complete the deal quickly were major factors in getting this lease done. We were able to provide a very attractive lease rate for the tenant. If you would like to know how we can help your company find the right space please contact Dave at (510)903-7601 or Ben at (510)903-7606.
New to the Market Jack London Office/Retail Condo For Sale
283 4th St
After the recent sale of the penthouse office suite in the Allied Paper Building at 283 4th St in Oakland’s Jack London Square the seller has decided to have us take the ground floor unit to the market. The unit is well built out to allow for either office or retail users and the location is only going to become more desirable as the Ellis/Divco West development fills with office and retail tenants. The parking garage at the development has already opened allowing a buyer here to access monthly parking less than two blocks away.
Mezzanine
The extensive windowline allows for excellent retail exposure or abundant natural light for an office user. Office users will also like the reception, mezzanine, and kitchenette – see photos below.
Reception
Kitchenette
For more information about this property please contact Dave at (510)903-7601 or Ben at (510)903-7606.
Oakland Office Building Sells
Recently Ben and I represented the buyer on the sale of an office building at 230 Grand Ave in Oakland. The property is approximately 13,600 square feet and was fully occupied at the time of sale. The sale price was well below $100 per square foot. It represented a great value add investment as many of the leases were at well below market rates and the leases were expiring this year. Many of the tenants are long term with little risk of large vacancies as rates are moved up to market level. We are seeing many such opportunities for investors and the owner/user market for commercial real estate continues to be attractive. If you would like more information about this sale or other opportunities please contact Dave at (510)903-7601 or Ben at (510)903-7606.
Jack London Office Condo Sells
On December 21, 2010 Ben and I completed the sale of one of the Allied Paper office condos in Oakland’s Jack London Square. The full floor penthouse unit totaled 6,973 square feet and sold for a price of $1,400,000. For more information about the sale or for help buying or selling a commercial property please contact Dave at (510)903-7606 or Ben at (510)903-7606.
Free BART Shuttle to Jack London Begins Service
The long awaited free BART shuttle to Jack London and Uptown recently began making runs between Jack London Square, Old Oakland, Chinatown, City Center BART, Uptown, and Lake Merritt. The service runs from 7AM to 7 PM Monday to Friday every 10 minutes during commute times and the lunch hour and every 15 minutes during other times.
The affect on office users is that it opens up Jack London Square properties as more viable options for companies with large numbers of public transit users. For more information visit here. As always, if you have questions relating to the commercial real estate market or are looking for space, please contact Dave McCarty at (510)903-7601 or Ben Jones at (510)903-7606.
Bank Owned Alameda Office Condo Sells
A 1,817 square foot bank owned office condo in Alameda’s Venture Commerce development sold on May 4th for $360,000. The price of $198 per square foot built out represents a large decrease from the $315-$330 per square foot in shell condition that the office condos were selling for back in 2007. For more information on this deal or to find similar opportunites contact Dave McCarty at (510)903-7601 or Ben Jones at (510)903-7606.
Oakland Chamber of Commerce A’s Night With Dave McCarty
The Oakland Chamber of Commerce will be holding their annual Chamber Day with the A’s on Friday May 21st. There will be a pre game tailgate party at Francesco’s on Hegenberger and the Chamber has asked me to be the special guest. During my 15 year career playing professional baseball I was fortunate enough to play for the A’s during the 2003 season. This will be a great opportunity for networking and to see the A’s exciting young team that is currently battling for control of the AL West Division.
The Oakland Chamber of Commerce has been a staunch supporter of the effort to keep the A’s in Oakland and asked me to write an article for the monthly newspaper that is sent to all Chamber members. My article was the featured piece in the middle of the edition. I hope many of you will come to the event to show your support of the effort to keep the A’s in Oakland.
Watergate Office Towers in Emeryville in flux.
Emeryville’s Watergate Office Tower tower may be another losing a tenant. Consulting group LECG, currently located 2000 Powell, has merged with Smart Business Advisory & Consulting in Devon, Pa. LECG looks to be relocating is Emeryville headquarters to Devon, PA as a result of the merge.
This continues a streak of negative news for the Watergate Office Towers. Following a subsidiary of Hines giving the keys back to the back defaulting on their loan, US Bank which currently holds the Watergate Office Towers, has been trying to sell the Project. Local entity TMG Partner has been granted receivership of the property, managing the project for US Bank.
Lease rates in the project have dropped from highs, in 2008, of over $3.00 per square foot, to below $2.00 per square foot in 2010. Leases in the office towers as recently as January have been signed at $1.87 psf fully serviced.
For additonal information or to learn more about how you can reduce you leasing costs please contact Dave McCarty or Ben Jones at 510-903-7600.
