|Size:||195,000/172,000 square feet|
|Acquisition date:||September 2013|
|Partner:||Angelo, Gordon & Co.|
In September 2013, Strada acquired 505 14th Street a 172,000-square-foot office building, and 1300 Clay street, a 195,000-square-foot office building (together the “Properties”) located in downtown Oakland’s City Center submarket. The Properties were 90 percent leased at time of acquisition, however Strada identified significant opportunities to credit value through operational efficiencies, below market rents and an increasing volume of San Francisco “spillover” tenants in search of lower occupancy costs. City Center has direct BART access and is only two stops from downtown San Francisco (11 minutes). This proximity, along with the high concentration of retail amenities in downtown Oakland, leave City Center, 505 14th Street and 1300 Clay Street well positioned to outperform the broader East Bay market.