- March 23, 2001 - Many industry observers have touted Shorenstein Co. LP as the Pied Piper who-with the help of 555 City Center-led the path back into downtown Oakland for other developers, investors and professional services firms.
When the San Francisco-based developer decided in 1995 to buy the Oakland property, the industry scratched its head. By the time Shorenstein decided to begin developing the parcel in 1999, however, the company received a collective pat on the back for its foresight.
"The property suffered from a perception as a failed project in a historically disfavored office locale," said Shorenstein spokeswoman Sarah Bowie Keaton. "We felt the property possessed a number of attributes that positioned it to benefit from the extraordinary economic vigor of the Bay Area."
The $150 million, 487,000-square foot project represents the first speculative office development in Oakland in more than 13 years, and Shorenstein takes the credit for being the catalyst that helped draw in more retail, hotel, office and housing developments to a once-disfavored city.
Shorenstein's goal in building the 20-story tower goes beyond simply creating more office space; it intends to make the property part of a destination center for retail and restaurants.
The firm also pointed to the city's cheaper rents and proximity to public transportation for employees-namely BART-as added benefits for potential tenants.
The company broke ground in the summer, and expects to open the 20-story building to tenants in early 2002. It will be the first of four office buildings skirting City Center from Broadway to Interstate 980.
###
