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CIM Group picks up Uber's Oakland, Calif., building for $180M

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CIM Group picks up Uber's Oakland, Calif., building for $180M

CIM Group picked up Uber Technologies Inc.'s Uptown Station building in Oakland, Calif., and will take over the property's ongoing redevelopment.

The company did not disclose the financial terms of the deal, but the San Francisco Business Times, citing property records, said CIM paid $180 million for the property.

The former department store at 1955 Broadway is being redeveloped into an eight-story class A creative office building spanning 356,000 square feet. It will also feature about 35,000 square feet of ground floor retail space.

CIM expects to complete the redevelopment in late 2018.