Silicon Valley’s Bullock buys century-old Oakland office building

Seller Morss group renovated the structure four years ago

1504 Franklin Street (Colliers, iStock)
1504 Franklin Street (Colliers, iStock)

Bullock Group, a Silicon Valley commercial real estate operator, bought a century-old office building as post-pandemic workers start to trickle back.

The two-story building at 1504 Franklin Street, on the corner of 15th Street, was built in 1923 and renovated in 2018, the Mercury News reported. Menlo Park-based Bullock Capital paid $13.6 million for it with the help of a $10.5 million loan from Northern Trust.

“Headlines have been focused on companies giving back space and work-from-home,” a representative for Bullock told the Mercury. “We are big believers that people are yearning for connection and community while being able to maintain a work-life balance.”

Across the Bay in San Francisco, workers are returning to the office more slowly than other metropolitan areas. Some 29 percent of offices were occupied as of mid-March, up from 10 percent during the omicron surge, according to a report from security company Kastle. That’s below nine metropolitan areas tracked by the company, including 38 percent in LA and 58 percent in the Texas capital.

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The seller of the Oakland building, a group of investors led by real estate executive Douglas Morss, didn’t disclose what it paid for the property in 2016. Property records show it had an assessed value of $3.9 million.

The Morss group renovated the structure, previously known as the Pacific Law Building. It borrowed $8.25 million in 2018 for the work.

The building has a mezzanine level and outdoor patio, as well as 18 skylights. Some of the amenities mentioned on LoopNet include controlled access, a security system, kitchen, central heating and air, shower facilities and bicycle storage.

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[MN] — Victoria Pruitt