Oakland, Calif., - March 23, 2001 - Shorenstein Company's 555 City Center, now under construction in downtown Oakland, is the recipient of two key commercial real estate industry awards.
At its annual Real Estate Deals of the Year Awards on March 22, the San Francisco Business Times selected 555 City Center as the best new office development in Oakland.
And in February, Real Estate Forum magazine named 555 City Center as one of the best international "Deals of the Year" in the development category in its annual international awards issue.
"555 City Center is one of our most exciting projects nationwide," says Shorenstein Director of Investment Management Jim Christian. "It is the new-millennium pioneer for development in Oakland, and has paved the way for other initiatives in retail, hotel, office and housing. The project offers Bay Area businesses Class A space that is cost-effective as compared to other Bay Area options, and offers an attractive work force profile because of convenience and access to BART and major freeways."
555 City Center is the first new private office building in Oakland in over a decade.
It will be 20 stories tall with a total of 487,000 square feet, including 468,000 square feet of Class A office space and 19,000 square feet of retail space. The structure will occupy a full block bounded by 11th, 12th, Clay and Jefferson Streets.
Construction by Charles Pankow Builders is on schedule with expected completion in the first quarter of 2002.
Designed by Korth Sunseri Hagey Architects of San Francisco, an important design objective was to create a building base to be an extension of the existing Clay Street pedestrian corridor.
The street-level storefronts of 555 City Center will be the same scale and height of older, traditional buildings in the area, with the 20-story office tower rising from the glass-enclosed base. The building will also boast a large landscaped public plaza to address Clay, 12th and Jefferson Streets.
John Dolby is the leasing manager for the new building as well as all other Shorenstein-owned City Center properties. For leasing information, contact Dolby at (510) 628 - 9170, or go to www.oaklandcitycenter.com.
To download a high-resolution rendering of 555 City Center, go to www.555CityCenter.com.
ABOUT OAKLAND CITY CENTER
With its location directly above the 12th Street BART station and five blocks from Interstate 880, City Center is a focal point for commercial and government activity in downtown Oakland. In addition to more than two million square feet of office space, the project has 13 restaurants and other food outlets, more than a dozen retail shops and services, a complete athletic club and parking for 1,600 cars. The Marriott Hotel and Oakland Convention Center are directly across from the development.
555 City Center will add an addition 487,0000 square feet of office and retail space to Shorenstein's holdings in Oakland's City Center. The expected completion date for the new building is first quarter of 2002. For more information about Oakland City Center, go to www.oaklandcitycenter.com.
ABOUT SHORENSTEIN COMPANY
San Francisco-based Shorenstein Company is one of the oldest and largest privately-held real estate investment and development firms in the country. The company currently operates more than 25 million square feet of prime office space nationwide including more than seven million square feet in San Francisco, five million square feet in New York and three million square feet in Chicago. For more information on Shorenstein Company, visit the company's Web site at www.shorenstein.com.
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