According to company officials, construction is set to begin on 555 City Center within the next week. The target for completion of the building is the fall of 2001.

Reflecting the extremely strong demand for office space in downtown Oakland, 159,000 square feet of space - almost one-third of the office tower - is already leased to Emeryville-based Ask Jeeves, Inc. The company, a leading provider of Web interaction infrastructure, is moving its corporate headquarters to Oakland upon the building's completion.

The 555 City Center lease will not affect Ask Jeeves' earlier agreement with Shorenstein for 58,930 square feet of office space at 1111 Broadway, also in Oakland's City Center.

Shorenstein President and CEO Doug Shorenstein says that the strength of the Oakland market has created an ideal opportunity for the company to expand its real estate assets at City Center and bring even more job opportunities to the city's resurgent downtown market.

"It's time for us to build upon the tremendous success of City Center and, in the process, bring more quality job opportunities to Oakland. With a vibrant economy based on a diverse mix of national and local office tenants, the stage will be set for developers of residential, mixed-use and retail projects to further enhance the quality of life for Oakland's citizens," said Shorenstein.

He went on to point out that one-third of the new building has been leased before the first shovel of dirt was moved on site, a further indication of the city's strong attraction for tenants. The building will cost an estimated $100 million.

Oakland Mayor Jerry Brown says that the announcement of the new building is another sign that Oakland's time has indeed come. "This latest project is further evidence that downtown revitalization is in full swing," comments Mayor Brown. "Congratulations to the Shorenstein Company."

Designed by Korth Sunseri Hagey Architects of San Francisco, an important design objective for the 20-story office tower was to create a building base that would be an extension of the existing Clay Street pedestrian corridor. To accomplish this, the street-level storefronts of 555 City Center were designed to approximately the same scale and height of older, traditional buildings in the area. The building also boasts a large landscaped public plaza that addresses Clay, 12th and Jefferson Streets.

A large curved lobby, clad in clear glass, extends along the length of the first floor adjacent to the landscaped plaza. Complete with skylights, the entry area is described as transparent "conservatory space." The glass pavilion leads into a warm interior lobby, accented with wood veneer walls and patterned stone floors. A 19-story glass tower rises as a sculptural form from the building's pedestrian-friendly base. Inside the office tower, on floors two through twenty, are 457,000 square feet of Class A office space. Column-free, the interior area offers maximum flexibility and space efficiency for tenants. The new building will be a dynamic new addition to Oakland's evening skyline. Crowned by a linear form of translucent glass, the top of 555 City Center will be illuminated each night. "We've designed the building to be a distinctive and timeless addition to the Oakland skyline," Korth says.

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