Ellis Partners, in a joint venture with Intercontinental Real Estate Corporation, officially broke ground on "The Key at 12th," a new state-of-the art Class-A office tower, adjacent to BART and across from the City Center development in Oakland, California.
According to company officials, the uniqueness of the project sits in its creative combination between Oakland's historic Key System Building and a gleaming new 18-story tower. Ellis and Intercontinental expect completion and occupancy in late 2019.
The Key System Building, built in 1911 and shuttered after the 1989 Loma Prieta earthquake, was the headquarters of the Key System Railway which transported East Bay residents locally and across the lower deck of the Bay Bridge to San Francisco.
"We are honored to have the opportunity to transform this long-vacant block into Oakland's premiere office building," said James Ellis, Managing Principal of Ellis Partners. "The Key at 12th will integrate a state-of-the-art tower with the historic Key System Building to create a unique and modern workplace with the nexus of the entire BART system right outside our front door," he added.
Peter Palandjian, Intercontinental's Chairman & CEO commented, "Intercontinental is excited to break into the Oakland, California market with this development opportunity, which when constructed and stabilized, will make for a terrific trophy office building for our U.S. REIF portfolio. By venturing on this project with Ellis Partners, an experienced best-of-class developer, we will create hundreds of union construction jobs in Oakland and believe this project will generate excellent returns for our investors."
The project totals 334,000 square feet with spacious ceilings, expansive windows, two roof decks and prominent pedestrian interaction at the street level for retail and dining. While the project includes a 145-parking space garage, company officials said a critical feature is its location immediately adjacent to Oakland's 12th Street BART station, giving all tenants instant access to the entire transit network of the Bay Area.
165,000 square feet in the building's lower floors has been pre-committed for lease. What remains available for lease is 154,000 square feet on the highest eight floors which feature extraordinary views.
"Oakland is a city that seamlessly blends tradition and innovation," said Oakland Mayor Libby Schaaf. "The addition of the new structure at 1100 Broadway and the renovation of the Key System Building, in the heart of our downtown will add to the energy and vitality of the city in a way that respects Oakland's history," she added.