OAKLAND — A modern and new office tower could soar over downtown Oakland and replace an old PG&E building under a plan being floated by a veteran development alliance, a proposal on file with city officials show.
The office tower would be built at 1919 Webster St., according to the proposal by the property owner, an alliance of Ellis Partners, a veteran Bay Area developer, and Intercontinental Real Estate, a real estate firm with a nationwide reach.
The new highrise would be a 24-story tower at the 0.6-acre lot, which is at the corner of 19th Street and Webster Street, the planning documents show.
The tower is expected to total 520,000 square feet and be 375 feet tall, according to the proposal.
Situated within the bustling Uptown district of downtown Oakland, as well as being a few blocks from the BART 19th Street Oakland train station, and just down the street from the shores of Lake Merritt, the property appears to have an excellent location.
The developers believe the site is a prime location for a transit-oriented project.
“This is an important high-rise development site sitting at the center of the rapid changes taking place in downtown Oakland,” Jason Morehouse, a partner with Ellis Partners, said in comments provided to this news organization in April.
The tower is expected to include two levels of underground parking.
The Ellis Partners and Intercontinental Real Estate development alliance paid $23.5 million for the property, according to documents filed in April 2021 with the Alameda County Recorder’s Office.
The new office tower being contemplated by Ellis Partners and Intercontinental would replace an aging office building and a surface parking lot.
The old six-story building, constructed in the 1950s, has been vacant in recent years.
Ellis Partners and Intercontinental Real Estate had previously teamed up to develop The Key at 12th, a new office complex at the corner of 12th Street and Broadway in downtown Oakland that has become one of the commercial real estate success stories in the Bay Area.Even before its completion, The Key at 12th is fully leased to tech finance powerhouse Credit Karma and the University of California Office of the President.
“Building on the momentum of The Key at 12th, we are excited to develop another transformative project at 1919 Webster,” said Jessica Levin, senior director of acquisitions with Intercontinental Real Estate.
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