I. Magnin Building
A major strength for HP Investors (HPI) involves the firm’s ability to uncover off-market opportunities for partners. In 2016, HPI recognized a major shift in Oakland’s commercial market. When HPI saw an opportunity to acquire the historic I. Magnin building, a 58,000 square foot office space, in downtown Oakland they had to move quick. To make it happen, HPI partnered with Goldman Sachs, which manages over $1.5 trillion in assets.
Leveraging HPI’s local market expertise, the joint venture secured the commercial landmark building and completed a full repositioning of the building to attract world-class tenants and activate the ground floor with street retail. The firm also engaged a local muralist for artwork on the façade and in the lobby. With businesses and people moving to Oakland at a rapid rate, the building is thriving like never before.
We are actively targeting well-located, differentiated assets in fundamentally strong markets that we believe will be attractive to tenants, and we believe this investment is just that.Joe Sumberg – Goldman Sachs Asset Management Private Real Estate Co-Head
I. Magnin Building at 2001 Broadway; Oakland, CA
Located at the corner of 20th & Broadway, the I. Magnin Building has been a historic part of Oakland since 1931.
I. Magnin Building, 2001 Broadway; Oakland, CA