AXA Investment Managers - Real Assets completes acquisition of 180 Grand Avenue office building in Oakland, California
AXA Investment Managers - Real Assets (“AXA IM - Real Assets”), a global leader in real assets investment and the leading(1) real estate portfolio and asset manager, announces that it has completed, on behalf of a client, the acquisition of 180 Grand Avenue, a 279,000 sq ft office asset located in Downtown Oakland, California. The transaction was structured as a joint venture alongside Harvest Properties, a full service commercial real estate investment, development and management firm, in which AXA IM - Real Assets is the majority partner.
The Class A LEED Platinum certified building is spread across 15 floors and is almost fully let to a wide range of occupiers including Harvest Properties, who have their Headquarters on the 14th floor. Amenities available to occupiers in the building include a tenants’ lounge, fitness centre, conference facilities, bike storage facilities, electric vehicle charging points, an outdoor patio area and access to an adjacent 10 storey parking garage with 370 parking spaces. Originally built in 1981, the property has undergone refurbishment, tenant improvements and base building renovations since 2015.
180 Grand is located at the intersection of Oakland’s vibrant Uptown District and benefits from easy access to the public transport network with a dedicated ‘BART’ train shuttle which transports occupiers, in 2 minutes, to the 19th Street BART train station which connects Downtown Oakland to Richmond, Antioch and the wider San Francisco Bay Area. The building is also served by Oakland’s strong road infrastructure with convenient access to Interstates 580, 880 and 980 which connect the area to San Rafael, San Jose and San Francisco.
This transaction follows the acquisition last year of 1440 Broadway, a 89,000 sq ft office building also in Oakland, California, and the acquisition earlier this year of Class A Industrial Property in San Bernardino, California. AXA IM - Real Assets entered the U.S. market in 2010 and stands today as active investment management platform with over €2 billion(2) of equity and debt assets under management. The team invests in a range of core and value-add opportunities in the top 13 U.S. markets.
Steve McCarthy, Head of North America at AXA IM - Real Assets commented: “The acquisition of 180 Grand, which marks our second office investment in Oakland following the acquisition of 1440 Broadway last year, aligns well with our strategic approach to investing in high quality assets in the top U.S. office locations which are served by strong public and private transport infrastructure and benefit from strong employment growth and positive rental growth prospects. We look forward to working with our new partner, Harvest Properties, to serve the property’s strong tenant roster and further enhance the building’s competitive position in the Oakland market.”
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1 Source: INREV/ANREV Fund Manager Survey – May 2019 – in terms of assets under management
2 AXA IM – Real Assets’ data as of end of March 2019 (unaudited)
AXA Investment Managers - Real Assets
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About AXA Investment Managers
AXA Investment Managers (AXA IM) is an active, long-term, global, multi-asset investor. We work with clients today to provide the solutions they need to help build a better tomorrow for their investments, while creating a positive change for the world in which we all live. With approximately €750 billion in assets under management as at end of March 2019(1). AXA IM employs over 2,350 employees around the world and operates out of 30 offices across 21 countries. AXA IM is part of the AXA Group, a world leader in financial protection and wealth management.
About AXA Investment Managers - Real Assets
AXA Investment Managers - Real Assets has €82 billion in assets under management, including €62.8 billion in direct property & infrastructure and €15.6 billion in real asset finance as of end of March 2019(2). We offer a 360° approach to investing in real assets, which comprises opportunities in equity or debt, across different geographies and sectors, as well as via private or listed instruments. We are a global leader in real assets investment, the number one property portfolio and asset manager in Europe(3), and one of the largest worldwide. Our teams have been managing funds and mandates for over 30 years and comprise over 600 people in 13 offices that operate in over 20 countries around the world, which provide us with in-depth knowledge of countries, cities and sectors.
AXA Investment Managers is part of the AXA Group, a world leader in financial protection and wealth management.
Visit our websites: www.axa-im.com / https://realassets.axa-im.com
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1 Source: AXA IM unaudited data
2 Source: AXA IM - Real Assets’ unaudited data
3 Source: INREV/ANREV Fund Manager Survey – May 2019 – in terms of assets under management
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