OAKLAND, Calif., Jan. 12, 2018 /PRNewswire-USNewswire/ — Today Ellis Partners, in a joint venture with Intercontinental Real Estate Corporation (“Intercontinental”), formally broke ground on “The Key at 12th,” a new state of the art Class A office tower, adjacent to BART and across from the City Center development. With hard hats and shovels in hand, Oakland’s Mayor and City officials joined in the celebration. A complete project overview can be seen here. Ellis and Intercontinental expect completion and occupancy in late 2019.
“We are honored to have the opportunity to transform this long-vacant block into Oakland’s premiere office building,” said James Ellis, Managing Principal of Ellis Partners. “The Key at 12th will integrate a state-of-the-art tower with the historic Key System Building to create a unique and modern workplace with the nexus of the entire BART system right outside our front door,” he added.
In order to bring the highest level of architecture to this project that interprets Oakland’s past and future, ownership brought in the renowned, world-class architecture firm Gensler that is locally-headquartered. The project totals 334,000 square feet with spacious ceilings, expansive windows, two roof decks and prominent pedestrian interaction at the street level for retail and dining. While the project includes a 145-parking space garage, a critical feature is its location immediately adjacent to Oakland’s 12th Street BART station, giving all tenants instant access to the entire transit network of the Bay Area.
Peter Palandjian, Intercontinental’s Chairman and CEO commented, “Intercontinental is excited to break into the Oakland, California market with this development opportunity, which when constructed and stabilized, will make for a terrific trophy office building for our U.S. REIF portfolio. By venturing on this project with Ellis Partners, an experienced best-of-class developer, we will create hundreds of union construction jobs in Oakland and believe this project will generate excellent returns for our investors.”
Melinda Ellis Evers, Managing Principal at Ellis Partners added, “As Ellis Partners kicks off its 25th anniversary, it is very gratifying for our entire team to add The Key at 12th to our long history in Oakland. We are particularly pleased to team up with a respected and successful partner like Intercontinental to restore a beautiful piece of Oakland’s history and bring life to this critical site in the heart of downtown.”
The uniqueness of the project sits in its creative combination between Oakland’s historic Key System Building and