When Uber announced that it was moving into Oakland, consensus around the Bay Area was that the city was about to change. That change could already be hastened with another big office property just a few blocks from Uber's future home now pegged as the city's next tech outpost. The building at 2150 Webster Street is currently owned by AT&T, which has put it on the market. Although it was built in 1975 and needs renovations to make it tech-office ready, the property's 228,033 square feet of space may make it attractive to companies that need lots of room. According to the San Francisco Business Times, AT&T has only 285 employees currently in the building, making it just 30 percent full.
AT&T is set to move out in September 2016. Based on Oakland's current average rents, new owner could lease the building for more than $10 million per year if it is fully occupied. Of course, any new owner would likely need to make multi-million dollar renovations to the building, which already has floor-to-ceiling windows and is being advertised as having a "roof deck opportunity." But with an office space shortage in San Francisco and a new tech aura settling over Oakland, the old AT&T building could be ready for a 21st-century transformation.
· OMG! Uber to Pick Up Redesigned Sears Building for Office Space [Curbed SF]
· 2150 Webster Street (PDF) [CBRE]
· Will AT&T's Big, Vacant Office Be Oakland's Next Tech Destination? [SF Business Times]