OAKLAND -- Jack London Square, an icon of downtown Oakland's waterfront, has been bought by CIM Group, executives said Friday, in a deal that transfers ownership at a time when the landmark restaurant, retail and office complex has captured a bounty of new tenants.

"We are very proud of our role in the renaissance of Jack London Square over the last 14 years," said James Ellis, managing principal with Ellis Partners, one of the sellers of the waterfront complex.

A partnership of commercial realty firms Ellis Partners, Transbay Holdings and Divco West, operating as Jack London Ventures, sold 434,000 square feet of office and retail buildings, along with undeveloped land sites.

The beer garden Plank at Jack London Square, Oct. 3, 2014, in Oakland, Calif. (Doug Oakley/Bay Area News Group))

The land sites are entitled for development of up to 665 residential units as well as a 250-room hotel that would total 220,000 square feet.

"These properties will offer sweeping views across the bay and of the San Francisco skyline as well as enjoying the connection to the many desirable amenities available at Jack London Square" CIM Group said in a prepared release. "CIM is working towards maximizing the value of these parcels."

Already active in downtown Oakland, CIM is the principal owner of several high-profile offices the East Bay city's urban core, including 1901 Harrison, the Ordway Building at 1 Kaiser Plaza, 2101 Webster, 2100 Franklin and 1333 Broadway. Plus, CIM has obtained a surface parking lot in the Kaiser Plaza area where it plans to develop an office tower.


"Through good economic times and bad, the dedication of many has helped further Jack London Square's attraction as a world-class dining, entertainment, tourism and family destination on Oakland's unique waterfront," Ellis said.

Terms of the deal, including the price, weren't disclosed.

"We are confident that CIM will continue to shepherd this beloved place with the care and attention that our entire team has brought to their work for so many years," said Melinda Ellis Evers, managing principal at Ellis Partners.

Among the recent high profile deals: Sunset Magazine, the famed western travel and lifestyle publication, agreed to move its headquarters to downtown Oakland.

Jack London Square has also added new restaurants and entertainment spots.

"In just the past 12 months, the project has seen full occupancy in its office space," said Stuart Shiff, chief executive of Divco West. "We have added new tenants in each of the commercial buildings and seen the huge popularity of Plank as an entertainment destination. We continue to be big believers in the future of Oakland."

CIM is taking over Jack London Square at a time when the office vacancy rate in downtown Oakland is a robust 3 percent and shrinking.

"There are more prospects for office space than there is space available in downtown Oakland," said Sid Ewing, a senior vice president with Colliers International, a commercial realty brokerage.

Contact George Avalos at 408-859-5167. Follow him at Twitter.com/georgeavalos.