OAKLAND, CA—August 21, 2009—CIM Group LP has signed Pandora Media to a five-year lease for 14,644 square feet at 2101 Webster tower, part of the Center 21 complex in the Lake Merritt district of downtown Oakland. Pandora Media, founded in 2000 and headquartered in Oakland, is expanding its operations to accommodate the growing demand for its personalized Internet music service.
"Retaining a growing technology-based company like Pandora Media in Oakland is an indicator of the continued appeal of downtown as a viable and attractive business location," said Jeff Kreshek, principal, CIM Group.
Pandora Media offers individuals the opportunity to create up to 100 music "stations" by finding artists and songs that match the user's musical tastes. The service grew out of the Music Genome Project, a comprehensive analysis of music that categorizes hundreds of musical details for each song in the collection, one song at a time.
Center 21 is comprised of two towers, the 215,000-square-foot, nine-story, 2100 Franklin which was completed in January 2008 as an extension of the existing 2101 Webster tower, a 20-story, 475,000-square-foot building that is approximately 95 percent leased.
CIM Group owns and manages both office and hotel properties in the East Bay as well as a residential portfolio and office building in San Francisco. CIM Group's Oakland office portfolio includes five Class A properties that it acquired in October 2008 consisting of a total of 1.7 million square feet in the Lake Merritt and City Center districts. In addition to Center 21, CIM Group's other Oakland office properties are:
- 1333 Broadway, 238,000 square feet, 10 stories located directly above the City Center BART station
- 1901 Harrison, 272,000 square feet, 16 stories
- Ordway Building, 1 Kaiser Plaza, 530,000 square feet, 28 stories
CIM also owns and manages the Oakland City Center Marriott and Courtyard Oakland Downtown hotels, which it acquired in June 2007. Earlier this year, CIM Group relocated its Bay Area office to the Ordway Building.
Mike Keely of Brandywine and CIM Group Principal Jeff Kreshek represented the landlord.
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