KBS Nabs 2 Class A Offices in Oakland City Center
ByKBS Capital Advisors expanded its KBS Strategic Opportunity REIT II portfolio with the acquisition of 505 14th St. and 1300 Clay St., two Class A office buildings in Oakland’s City Center totaling 367,357 square feet. NKF represented the sellers, Rubicon Point Partners and Canyon Partners Real Estate LLC.
505 14th St. is a 172,273-square-foot, 12-story office tower built in 1985. 1300 Clay St. is a 195,084-square-foot, 11-story office tower built in 1990. Rubicon purchased the properties in 2015 from Strada Investment Group for $59.5 million and $55 million, respectively, according to Yardi Matrix. JLL manages the LEED Gold-certified properties, while Colliers handles leasing efforts. The buildings are currently 92 percent occupied to around 40 tenants operating mostly in the legal, finance and government sectors…
