(EDITOR’S NOTE: According to sources familiar with the transaction, the sale price was $77 million, or just over $388 per square foot. TMG Partners and their representatives declined to provide details of the sale.)
Adds 198,000 Square Feet of Office Space to Portfolio
SAN FRANCISCO (August 26, 2016) – TMG Partners, one of the San Francisco Bay Area’s largest mixed-use property developers, today announced the purchase of 2201 Broadway, an eight-story 198,000-square-foot office building in Oakland, Calif. The second office acquisition in Oakland for TMG Partners, 2201 Broadway follows their acquisition of the 300,000-sqaure-foot 1330 Broadway in November of 2015.
Located in the heart of Uptown, 2201 Broadway is one of Oakland’s finest examples of art deco architecture. With numerous restaurants, art galleries, and shops in the Uptown district, over one billion dollars of new and proposed residential development is also occurring.
“We are pleased to expand our presence in Oakland,” said David Cropper, TMG Partners Director of Development. “Tenant demand from both local and global prospects is surging, with companies increasingly seeking the benefits of locating in a city with a rich urban fabric. Oakland’s Uptown is truly a mixed-use neighborhood with restaurants, retail, art and entertainment as well as housing and office space. 2201 Broadway, in addition to being blocks away from BART, benefits from its large floor plates and art deco façade. We believe it will be a standout address for technology and other office tenants.”
“This is our third investment using our discretionary separate account,” said Matt Field, TMG Partners Chief Investment Officer. “This entity allows us to move quickly and to exercise sole discretion to close on new transactions. We continue to pursue additional value-add investments with this venture.”
TMG was represented by Michael Taquino, Dan Cressman and Kyle Kovac of Newmark Cornish & Carey.