The Regents seem to be into flipping real estate.
From the San Francisco Business Times: Six years after buying a major high-rise in downtown Oakland, the University of California Regents are placing the building back on the block in hopes of retrieving more than they paid for it.
The 24-story, 556,168-square-foot building at 1111 Broadway could sell for as much as $310 million, The Registry reports. However, the building is almost 90% leased out to a number of different tenants — as opposed to just a single tenant with strong credit — according to The Registry, something that could possibly diminish investor interest.
WeWork, which occupies about 15% of the total space, first arrived in Oakland in 2017 by taking about 80,000 square feet in 1111 Broadway.
The Regents bought the blue-chip high-rise in late 2014 for $215 million. The year before that it was acquired by Ellis Partners for about $158 million.
The 21st floor houses the Office of the National Laboratories, the Office of the Chief Investment Officer, and the 14th floor houses UC Health and Energy & Sustainability department.
The UC Regents control the University of California Retirement Plan — a pension fund with a real estate portfolio value of $4.3 billion and total assets of $64 billion — and the University of California General Endowment Pool — which has a real estate portfolio valued at $984 million and total assets of $14 billion.
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