East Bay Office Group
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.
Jack London Office Condo Sells
We recently completed the sale of another office condo at 283 4th St. The unit, in the Jack London Square area of Oakland, is 2,336 square feet and sold for a very attractive price. The buyer is a long time client who previously leased the space. This transaction represents the second sale we have completed in the project leaving us only a 7,312 square foot unit for sale or lease. For more information or help with your office lease, purchase, or sale contact Dave McCarty at (510)903-7601 or Ben Jones 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.
Oakland Office Space For Under $1 Per SF?
It is true! Companies can now lease Class B office space in the Oakland Airport submarket for under $1 per square foot. The new owners of 7700 Edgewater Dr , Polidev International, have brought Ben and me on as the leasing agents and have started a new program to fill the property quickly. Under the current promotion we are leasing suites over 1,000 square feet on an as is basis for only $.99 per square foot fully serviced.
For those of you not familiar with real estate speak a full service lease includes all utilities etc in the lease rate so you can lease a 1,000 square foot suite for only $990 per month. We have suites ranging from 357 square feet up to as much as 30,000 square feet. This unique opportunity undercuts the market for office space in the Oakland metro area while offering local businesses and non profits the chance to significantly cut overhead costs.
You might be asking how they can offer such low rates and the simple answer is that they bought the property in a distressed situation. Because Polidev got such a great price they are able to pass the deal along to tenants. For more information or to tour the property please contact Ben Jones at (510)903-7606 or Dave McCarty at (510)903-7601.
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.
Sutter Health signs two new leases at 3300 Broadway in Oakland
Two Sutter Health Affiliates signed leases in February at the Broadway Webster Medical Plaza. They will be the second and third new tenants that the Class ‘A’ Medical Office building will have welcomed to the building in 2010. Sutter Westbay M
edical Foundation signed a seven year full service lease for +/- 2,640 square feet. The Sutter Westbay Medical Foundation will have a newly built out medical office space on the second floor. Health Ventures Inc an affiliate of Sutter Health will be taking over the former Longs Drug space on the ground floor of 3300 Webster St by signing a 10 year lease. The re opening of the pharmacy in the Broadway Medical Plaza will allow doctors and patients to have direct access to a full pharmacy with in the building. The pharmacy hopes to be open by mid summer.
For more information on lease office space in the East Bay or the leasing space at the Broadway Webster Medical Plaza please contact Dave McCarty or Ben Jones at 510-903-7600.
Five Reasons To (Re)Locate Your Business In Oakland
1. Location: Oakland’s location is central for most of the Bay Area cutting down on commute times for employees.
2. Transportation: Oakland has great access to BART, freeways, ferry, rail, port, and airport facilities. Our office at City Center (spaces are available) has the 12th St/City Center BART station directly in front of the building entrance. It doesn’t get any easier than that. We can be at appointments in San Francisco inside of 20 minutes.
3. Cheap Lease Rates and Sale Prices: Oakland’s lease rates and sale prices are at least 25% cheaper than those for comparable spaces in San Francisco. Class A office space can be leased at City Center for as little as $2.50 per square foot per month fully serviced. Good Class B space can be leased in the Jack London Square and Oakland Airport sub-markets for as little as $1.25 per square foot per month fully serviced. Office condos and buildings can be purchased for as little as $120 per square foot.
4. Amenities: As the revitalization of Oakland continues we are seeing more and better amenities. Top notch restaurateurs are opening new eateries in the hots spots of Jack London Square and Uptown. Many of these restaurants include Pican and Ozuma in Uptown as well as Bocanova, Miss Pearl’s Jam House, and old standby Yoshi’s in Jack London Square. Lake Merritt is only a short walk away from City Center and now has the popular Lake Chalet Seafood Bar & Grill.
5. Enterprise Zones: Large parts of Oakland lie within the boundaries of Enterprise Zones. Businesses located within these areas can receive tax credits, employee hiring credits, and many more benefits. When factored in with the cheaper rent here in the East Bay these credits can really bring down the cost to occupy a space and should be factored into any location decision.
For more information contact Dave (510)903-7601 or Ben (510)903-7606.
