'Uber' Purchased Oakland-Based Office Bringing Opportunity to the City's Real Estate Market

On Wednesday, Uber has announced that it purchased a 330,000 square feet office building and will turn it into its company's headquarters in Oakland.

According to forbes.com, the new office building will house Uber's 2,000 to 3,000 employees and the purchase is the result of the company's expansion efforts.

Oakland Mayor Libby Schaaf sees the purchase as an opportunity for the city to gain popularity among investors who might find their city suitable for a real estate investment. She said, "I am excited to welcome over 2,000 Uber employees and the economic impact they will bring to our community. I also look forward helping Uber make other meaningful contributions to Oakland that will make this a more equitable, vibrant city where everyone can thrive."

The new office building is anticipated to open in 2017 and it is located in 1955 Broadway Street in Oakland. Uber purchased the building from Lane Partners and the new office will be an addition to the company's global headquarters. 

Renee Atwood, Uber Global Head of People and Places said "We are excited to deepen our roots across the Bay by investing in the revitalization of historic downtown Oakland and to become a permanent part of the fabric of the East Bay community by adding thousands of jobs at our Oakland site."

In a report by bizjournals.com, Uber's new office will be the city's "largest employer that is not a government agency or a medical center." In addition to the office's 330,000 square feet office space, the building also provides different amenities for its tenants such as rooftops with picnic tables and fire pits. There will also be a 50,000 square feet in the ground that can be used for retail spaces and food hall. Gensler opened an office across the newly- acquired building and they are the one who will be in charge of the renovation of the office.

Oakland might be facing an increase and uprise in their real estate market as one multi- billion dollar company such as Uber decidesto make one of their homes. What do you think of this expansion and move? Share your thoughts below.