News
Commercial Property Guide
Bay Area Commercial Real Estate News
July , 2008
CIM Buys Oakland Brandywine High-Rises
- The East Bay Business Times
The real estate fund manager CIM Group has agreed to pay $412.5 million
for five Oakland high-rise office properties owned by Brandywine Realty
Trust totaling 1.7 million square feet.
The deal includes assumption of about $95.6 million in existing mortgage
loans. The properties included in the sale are One Kaiser Plaza, also
known as The Ordway building, 28 stories, 515,070 square feet; 1901 Harrison
St., 17 stories and 272,100 square feet; 1333 Broadway, 10 stories, 238,394
square feet; 2101 Webster St., 20 stories and 464,424 square feet; and
the recently completed, unleased 2100 Franklin St., 10 stories and 215,000
square feet.
The first four properties were about 89 percent occupied as of May 31,
said Brandywine (NYSE: BDN). All are in the Lake Merritt area of Oakland.
.
Silicon Valley office rents soften in Q2
Silicon Valley / San Jose Business Journal
Asking rents for Silicon Valley offices softened slightly in the second
quarter for the first time in three years amidst rising vacancy rates,
according to a report released by brokerage CB Richard Ellis.
New office development and the unexpected availability of the 381,000-square-foot
Oracle Corp. (NASDAQ:ORCL) office tower on Almaden Boulevard in downtown
San Jose are largely behind the nearly 2.5 percentage point rise in vacancy
to 12.5 percent, the company said.
"The national economy continues to undergo tremendous changes with
the continued fallout of the housing market, rising oil prices and troubled
financial markets," the report said. Silicon Valley "seems to
be going through similar challenges, though market weakness remains moderate
compared to national trends."
Vacancy in the valley's far larger research-and-development-space market
was flat at 15.7 percent compared to the first quarter but up year over
year. Rents were unchanged compared to the January through March quarter
at $1.40 a square foot a month, with tenants picking up the tab for common-area
maintenance and other building operating costs.
The valley supports not quite 60 million square feet of offices and nearly
155 million square feet of R&D space, CBRE says. It also has more
than 100 million square feet of warehouse and manufacturing space. Vacancy
in those properties is less than 5 percent.
News
Commercial Property Guide
July , 2008
CIM Buys Oakland Brandywine High-Rises
- The East Bay Business Times
The real estate fund manager CIM Group has agreed to pay $412.5 million
for five Oakland high-rise office properties owned by Brandywine Realty
Trust totaling 1.7 million square feet.
The deal includes assumption of about $95.6 million in existing mortgage
loans. The properties included in the sale are One Kaiser Plaza, also
known as The Ordway building, 28 stories, 515,070 square feet; 1901 Harrison
St., 17 stories and 272,100 square feet; 1333 Broadway, 10 stories, 238,394
square feet; 2101 Webster St., 20 stories and 464,424 square feet; and
the recently completed, unleased 2100 Franklin St., 10 stories and 215,000
square feet.
The first four properties were about 89 percent occupied as of May 31,
said Brandywine (NYSE: BDN). All are in the Lake Merritt area of Oakland.
.
Silicon Valley office rents soften in Q2
Silicon Valley / San Jose Business Journal
Asking rents for Silicon Valley offices softened slightly in the second
quarter for the first time in three years amidst rising vacancy rates,
according to a report released by brokerage CB Richard Ellis.
New office development and the unexpected availability of the 381,000-square-foot
Oracle Corp. (NASDAQ:ORCL) office tower on Almaden Boulevard in downtown
San Jose are largely behind the nearly 2.5 percentage point rise in vacancy
to 12.5 percent, the company said.
"The national economy continues to undergo tremendous changes with
the continued fallout of the housing market, rising oil prices and troubled
financial markets," the report said. Silicon Valley "seems to
be going through similar challenges, though market weakness remains moderate
compared to national trends."
Vacancy in the valley's far larger research-and-development-space market
was flat at 15.7 percent compared to the first quarter but up year over
year. Rents were unchanged compared to the January through March quarter
at $1.40 a square foot a month, with tenants picking up the tab for common-area
maintenance and other building operating costs.
The valley supports not quite 60 million square feet of offices and nearly
155 million square feet of R&D space, CBRE says. It also has more
than 100 million square feet of warehouse and manufacturing space. Vacancy
in those properties is less than 5 percent.