Case Studies

Downtown Oakland

Downtown Oakland1
Downtown Oakland2
Downtown Oakland3

Oakland was facing some major economic challenges during the 1980s and 1990s when a number of companies relocated out of the downtown area and several major plants closed. In response, the city launched a large-scale initiative to increase downtown residential options, and in 2006, the City invested $54.2 million in new projects, which served as a catalyst for redevelopment. Shortly after, CIM began its involvement in the community.

Situation

  • 1980s and 1990s: Oakland faced major economic issues after companies relocated out of downtown as well as several major plant closings
  • 1999: Mayor Jerry Brown launched the “10K Initiative” to bring 10,000 new residents to Downtown Oakland by supporting the development of 6,000 new market-rate housing units
  • 2006: City invests $54.2 million in new uptown projects to serve as a catalyst for redevelopment in the area including infrastructure improvements

CIM's Involvement

  • 2007: CIM acquires the 162-room Courtyard Oakland Downtown and the 484-room Oakland Marriott City Center, giving CIM control of 93 percent of the hotel rooms in Downtown Oakland
  • 2008: CIM acquired five Class A office properties totaling 1.7 million square feet in Oakland’s Lake Merritt and City Center districts

Results

  • 2008: CIM is instrumental in the formation of the City Center and Lake Merritt Business Improvement District (BID), which directly manages private security and district maintenance, supplementing City services
  • 2008-2009: CIM announces extension of long-term lease with Kaiser Permanente at the Ordway Building for more than 336,000 square feet
  • 2009: CIM also extends long-term lease with Walgreens at 1333 Broadway and continues to secure additional retail leases serving the increasing demand in the community


CIM has continued to invest in Oakland by acquiring 1.7 million square feet of office space in Oakland’s Lake Merritt and City Center districts, and played an instrumental role in the formation of the City Center and Lake Merritt Business Improvement District (BID). CIM has further revitalized the district by securing long-term leases with large corporations as well as bringing desirable retailers to the Downtown Oakland area.