Rockpoint Group and The Swig Company Complete Sale of 300 Lakeside in Oakland
OAKLAND, Calif., Oct. 23, 2020 /PRNewswire/ -- Rockpoint Group and The Swig Company today announced that they have completed the sale of 300 Lakeside, a Class A office complex of over 1,000,000 square feet in Oakland's thriving Uptown District. The complex sits within one block of BART, offers parking for more than 1,400 cars, and enjoys expansive views overlooking Lake Merritt, the East Bay Hills and San Francisco Bay.
The buyer is a venture led by San Francisco-based TMG Partners. Rockpoint and Swig will retain an interest in the property on a go-forward basis. Terms of the transaction were not disclosed.
Swig originally acquired the iconic property in 2005, and in 2016, formed a joint venture with Rockpoint Group to recapitalize the asset. Over the last four years, Rockpoint and Swig have partnered as active stewards of the historically significant asset, completing a transformative renovation of the lobby and common areas while retaining the property's mid-century modern aesthetic. The partnership modernized the expansive lobby, upgraded the building's elevators, created a state-of-the-art conference facility, and expanded key tenant amenities including shower and locker facilities, a café, and a dedicated food truck zone. In addition, during their tenure, the partners enhanced the sustainable features of the asset, achieving LEED Platinum certification.
Commenting on the sale on behalf of the partnership, Connor Kidd, EVP and Director of Asset Management for The Swig Company, said: "300 Lakeside is an iconic Bay Area asset which we and Rockpoint have been fortunate to own over the last several years. In that time, we have re-branded and modernized the property to appeal to today's tenants while preserving its most unique and popular features. We value the long-standing community partnerships we built over those years and we look forward to continuing to serve and support these organizations including the Uptown/Downtown BIDs and SPUR Oakland. We wish TMG all success in the next phase of 300 Lakeside's history," he added.
In addition, the partnership preserved and enhanced the iconic rooftop park and secured development rights which will allow for future expansion of the complex, including a potential new high-rise office or residential tower.
Aric Shalev, Managing Member at Rockpoint, commented, "We are excited to have participated in Oakland's recent revitalization and feel that PG&E's substantial commitment to 300 Lakeside speaks to the East Bay's increasing desirability as an attractive place to work and live. We are confident in the project's long-term success given Oakland's continued appeal and are pleased to maintain an ownership interest through our new partnership with TMG."
About Rockpoint Group:
Rockpoint Group, L.L.C. ("Rockpoint") is a real estate private equity firm and Registered Investment Adviser with its headquarters in Boston and with additional primary offices in San Francisco and Dallas. Rockpoint employs a fundamental value approach to investing and targets select product types located primarily in major coastal markets in the United States. Rockpoint utilizes a consistent strategy across distinct return profiles through its opportunistic and growth and income investment programs. Rockpoint targets assets with intrinsic long-term value, at attractive prices relative to replacement cost and stabilized cash flows, and with particular emphasis on value creation opportunities and complex situations. Since 1994, Rockpoint's co-founders with others have sponsored 15 commingled funds and related co-investment vehicles through Rockpoint and a predecessor firm. In total, they have raised approximately $25 billion in capital commitments and invested or committed to invest in 424 transactions with a total peak capitalization of approximately $62 billion (inclusive of fund equity, co-investor equity and debt). To learn more about Rockpoint Group, visit www.rockpoint.com.
About The Swig Company:
The Swig Company, LLC is a privately-owned, San Francisco-based real estate operator with an 80-year history of investment, development, partnership and management of commercial real estate properties in major US markets. Founded by Benjamin H. Swig in 1936, The Swig Company is guided by a long-term investment perspective that has proven adept at stewarding investors safely through multiple market cycles. The company's vertically integrated operational platform, which includes investment, asset and property management, and leasing expertise, uses flexibility, generational thinking and sensitivity to sustainable practices to stay at the forefront of emerging trends in the commercial real estate industry. For more information, visit: www.swigco.com.
Contact:
For Rockpoint Group
Caroline Luz
Lambert & Co.
203-656-2829
[email protected]
For The Swig Company
Andrew Neilly/Nancy Amaral
Gallen.Neilly.Amaral
925-930-9848
[email protected]
SOURCE Rockpoint Group
Related Links
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article