Background & Challenges
Westcore acquired this Class A office project in downtown Oakland in late 2012. The sale included a partial 15 year sale-leaseback with The Clorox Company, who leased the top floors of the building. This left Westcore with the bottom nine floors vacant.
Westcore immediately went to work renovating the lobby, transforming its look from a dated, corporate headquarters into a vibrant, contemporary lobby that would attract tenants of all kinds. Additionally, Westcore completed a major renovation of each of the bottom nine floors so that new tenants could envision what their business would look like in this space that had not been on the market for 30+ years.
Finally, with the assistance of the strong team at JLL, Westcore launched a robust marketing program to re-introduce this building to the marketplace and attract not only Oakland based tenants, but also those from San Francisco.
Within two years of completing the lobby renovation, Westcore was able to lease all the vacant office space to a roster of strong credit tenants, a number of whom came over from San Francisco. Westcore then went on to sell the building to an institutional investor.