Seagate recapitalized and purchased a controlling interest in the ownership of a multi-tenant, Class B medical office building located at 80 Grand Avenue in Oakland, California in November 2017. This unique property is located in the Uptown neighborhood of Oakland at the prominent intersection of Broadway and Grand Avenue.
Just three blocks from the 19th Street BART station and three blocks from Lake Merritt, 80 Grand consists of one nine-story office building totaling 44,157 RSF on 22,182 square feet of land area. The steel framed building was developed in 1968 and features an aluminum and glass exterior skin. From 2006-2009 the Property underwent significant upgrades, including asbestos abatement, new building heating and cooling systems, a new surgery center, and tenant improvements.
80 Grand includes surface parking on a 9,258 SF parcel of land adjacent to the building where Seagate plans to entitle a Class A high-rise multi-family development of up to 275 units. Seagate also plans to make a significant renovation of the property in order to lease the nearly 40% vacancy at the time of acquisition.
Upgrades to the lobby and exterior plaza are planned, in addition to addressing of deferred maintenance and improvements to vacancies. Upon completion of the building improvements and land entitlement process 80 Grand will realize a significant increase in market value.