Square leases all of downtown Oakland’s Uptown Station offices

OAKLAND — Square said Thursday it has leased the iconic Uptown
Station complex in downtown Oakland, marking a major boost for the
East Bay city and a deal that will bring hundreds of the tech
company’s workers to the city.

The maker of mobile payments technologies and systems, whose
chief executive officer is the co-founder of Twitter, said it
leased the entire office portion of Uptown Station at 1955 Broadway
in Oakland.

“We’re excited to join the Oakland community as a partner,
an advocate, a neighbor, and a customer of local businesses,”
said Jack Dorsey, Square’s chief executive officer.

The office portion of Uptown Station totals 356,000 square feet,
which is enough space to accommodate roughly 1,700 workers or
more.

Square intends to move about 300 to 500 employees to the
downtown Oakland complex sometime during the
October-through-December period of 2019, sources with direct
knowledge of Square’s plans said.

“Oakland is committed to attracting businesses whose values
align with our community, whose workforce reflects our
inclusiveness, and whose greatest priority is the long-term
prosperity of every Oakland resident,” Oakland Mayor Libby Schaaf
said. “With their proven commitment to empowering new and local
entrepreneurs, I believe Square can be that company.”

Uptown Station is at the site of an old Sears department store
in Oakland and is undergoing a wide-ranging renovation led by
developer CIM Group. Brokers from Newmark Knight Frank and CBRE are
marketing the spaces in the complex.

The building also includes 35,000 square feet of ground-floor
retail.

“We acquired Uptown Station almost a year ago believing that
re-purposing this building to modern creative office space in a
transitioning district would be an attractive option for Bay Area
businesses like Square,” said Avi Shemesh, a principal executive
with CIM Group.

Downtown Oakland is deemed to be an attractive office market
because skyrocketing rents in San Francisco have squeezed tenants
and forced them to scout for space elsewhere.

Square said it will retain a San Francisco presence at its
current offices on Market Street even after it opens the new
Oakland work hub.

“As we continue to grow, we want to support our employees
wherever they are so they can work and invest in the communities in
which they live,” Dorsey said.

The Uptown district of Oakland is an increasingly popular area
of restaurants, entertainment venues and night spots, as well as
new housing.

“There are few locations in the region that offer such an
array of social, economic, and transportation benefits as Uptown
Station, and Square could not have selected a more ideal
location,” Mayor Schaaf said.

Source: FS – All – Real Estate News 1
Square leases all of downtown Oakland’s Uptown Station offices