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Report: CIM Group nears $1B sale of 5 Oakland, Calif., office properties

Office landlord CIM Group LP is close to selling five office towers in Oakland, Calif., that could yield almost $1 billion, the San Francisco Business Times reported, citing sources with knowledge of the matter.

Private equity firm Starwood Capital Group is buying four of the buildings that span 1.2 million square feet, while healthcare provider Kaiser Permanente Inc. will purchase the 538,000-square-foot 1 Kaiser Plaza asset that is named the Ordway Building. The healthcare provider is the largest tenant in the building it is buying.

Starwood will acquire the 238,000-square-foot, 10-floor 1333 Broadway building; the 272,000-square-foot tower at 1901 Harrison St.; the Center 21 two-building site; and the 695-unit 2353 Webster St. parking garage, according to the Dec. 26 report.

CIM originally bought the five office towers from Brandywine Realty Trust in 2008 for $412.5 million, and the sale would mark the largest ever office portfolio divestment in the city, the publication added.