Oakland experienced major economic challenges during the 1980s and 1990s, when several large employers left the downtown area and major plants closed. In response, the city launched a large-scale initiative to increase downtown residential options with the goal of bringing 10,000 new residents to Downtown Oakland.
In 2006, the city invested $54.2 million in new uptown projects to serve as a catalyst for redevelopment and infrastructure improvements.
With Oakland exhibiting improving demographics, public support, private investment and other qualifying criteria, we acquired our first Oakland properties in 2007. Over the years, we have continued to support Oakland’s development through various projects.
2007: 162-room Courtyard Oakland Downtown and the 484-room Oakland Marriott City Center, representing 93% of the hotel rooms in Downtown Oakland
2008: Five Class A office properties totaling 1.7 million square feet in Oakland’s Lake Merritt and City Center districts
2016: Three office buildings, three retail buildings, a parking structure and three land parcels at Jack London Square
2017: 356,000-square-foot redevelopment of a former department store located in the Uptown District
Jack London Square
Situated adjacent to the Oakland/Almeda estuary, Jack London Square has become a central gathering place for Oakland residents and is home to popular restaurants, bars and retailers as well as outdoor recreation facilities. The destination hosts farmers’ markets, outdoor movies, art festivals and other events that bring the community together throughout the year.
Our early involvement in the area was instrumental in the formation of the City Center and Lake Merritt Business Improvement District, which supplements city services with private security and maintenance. We also extended long-term leases with Kaiser Permanente and Walgreens and attracted additional retailers to meet the community’s needs. Oakland’s once-neglected downtown is breathing new life and continues to attract large corporations and desirable retailers.