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TMG Partners sells Oakland office building to KKR for $173M

TMG Partners LLC sold a 315,000-square-foot office tower in Oakland, Calif., to KKR & Co. for about $173.3 million, the San Francisco Business Times reported, citing a source familiar with the deal.

The real estate developer bought the building at 1330 Broadway in 2015 for $80 million and carried out more than $30 million of renovations, the report said.

Under the agreement, TMG will continue to manage the property, which is 85% leased to tenants including Oracle, Arup, Clovis Oncology, UCSF, Verizon, Chase Bank and Citizens Engagement Lab.