We are excited at the opportunity to take on a building enhancement project for bothIsaac Abid, Partner with HP Investors.
officeand much neededevent-space. The location of this project is ideally positioned to benefit from the ongoing transformation of Downtown Oakland.
May 9, 2018 – Oakland, Calif. – HP Investors, LLC has completed the acquisition of 1736 Franklin, a mixed-use project situated in the heart of Downtown Oakland’s Uptown District. The acquisition includes a 10-story, 28,000 RSF office-building, 6,000 SF event space, and an 11,000 SF surface parking lot fronting Webster Street.
The ten-story building was originally constructed in 1926 as part of the Leamington Hotel, but later separately parceled as its own property. The office building provides small tenant users the opportunity for dedicated floors with efficient side-core layouts, high ceilings, and views. The event space, known as the “California Ballroom” previously served as the Grand Ballroom of the Leamington Hotel and includes a majestic gold leaf ceiling with capacity for up to 400 people.
“We are excited at the opportunity to take on a building enhancement project for both office and much needed event-space,” said Isaac Abid, Partner with HP Investors. “The location of this project is ideally positioned to benefit from the ongoing transformation of Downtown Oakland.”
HP Investors intends to perform various building improvements including keeping and re-energizing the ballroom to create a dynamic work environment in the heart of Downtown Oakland. The firm will also evaluate development opportunities on the parking lot, which is immediately surrounded by several large scale multifamily projects.
The purchase marks the 10th acquisition by HP Investors in Downtown Oakland since 2015.
HP has engaged Steve Banker and Ryan Dalton of LCB Associates to lease the building’s office-space. “We are confident we will execute a successful leasing program given the building’s superior location and dedicated full-floor suites for small tenants, an important component of the city’s economic base,” said Steve Banker, President at LCB Associates.
The event space will be managed by event coordinator group D-7 (www.californiaballroom.com) About HP Investors
HP Investors is a commercial real estate investment and development firm focused on identifying long- term, risk-adjusted opportunities across retail, office and mixed-use property types in infill markets along the West Coast. With offices in San Diego and Oakland, the firm strives to create value not only for its investment partners, but also the neighborhoods and communities in which it invests. For more information, please visit www.hpinvestors.com.