AXA Investment Managers – Real Assets , a global leader in real assets investment and the leading(1) real estate portfolio and asset manager, announces that it has completed, on behalf of a client, the acquisition of 180 Grand Avenue, a 279,000 sq ft office asset located in Downtown Oakland, California. The transaction was structured as a joint venture alongside Harvest Properties, a full service commercial real estate investment, development and management firm, in which AXA IM – Real Assets is the majority partner.
The Class A LEED Platinum certified building is spread across 15 floors and is almost fully let to a wide range of occupiers including Harvest Properties, who have their Headquarters on the 14th floor. Amenities available to occupiers in the building include a tenants’ lounge, fitness centre, conference facilities, bike storage facilities, electric vehicle charging points, an outdoor patio area and access to an adjacent 10 storey parking garage with 370 parking spaces. Originally built in 1981, the property has undergone refurbishment, tenant improvements and base building renovations since 2015.
180 Grand is located at the intersection of Oakland’s vibrant Uptown District and benefits from easy access to the public transport network with a dedicated ‘BART’ train shuttle which transports occupiers, in 2 minutes, to the 19th Street BART train station which connects Downtown Oakland to Richmond, Antioch and the wider San Francisco Bay Area. The building is also served by Oakland’s strong road infrastructure with convenient access to Interstates 580, 880 and 980 which connect the area to San Rafael, San Jose and San Francisco.
This transaction follows the acquisition last year of 1440 Broadway, a 89,000 sq ft office building also in Oakland, California, and the acquisition earlier this year of Class A Industrial Property in San Bernardino, California. AXA IM – Real Assets entered the U.S. market in 2010 and stands today as active investment management platform with over €2 billion(2) of equity and debt assets under management. The team invests in a range of core and value-add opportunities in the top 13 U.S. markets.
2 AXA IM – Real Assets’ data as of end of March 2019 (unaudited)
Source : AXA Investment Managers – Real Assets