December 4, 2017

FOR IMMEDIATE RELEASE

Contact:

Sarah Henry, Public Information Officer

(510) 747-4714

First 3 Buildings Sold at Alameda Point

$16 Million in Proceeds Directed Toward Alameda Point Infrastructure

This year, the City of Alameda sold its first three buildings at Alameda Point since the closure of Naval Air Station Alameda in 1997. This recent sales activity, which occurred in the Adaptive Reuse area, is a defining moment for Alameda Point, solidifying the viability and long-term investment potential of the former base and jumpstarting new infrastructure needed to attract more investment. “Investors and users are increasingly seeing Alameda Point as a unique place to start and grow their businesses,” said Jennifer Ott, the City of Alameda’s Base Reuse Director.

The three buildings sold are all located on West Tower Avenue, just north of the historic taxiway and the Seaplane Lagoon, and west of the Site A development. In July 2017, Building 91 (651 West Tower) was the first building sold at Alameda Point for $3 million. The new tenants are Admiral Maltings, a micro-malt-house offering locally sourced malted barley and ultimately employing 40 people, and Almanac Beer Company, a brewery dedicated to producing seasonal artisan ales, brewed specifically to complement local cuisine.

Building 9 (707 West Tower) sold in November for $5.3 million, and will be home to an energy research company, creating 150 new high-skilled and high-paying jobs. Building 40 (800 West Tower), which has been home to the Bladium Sports and Fitness Club since 2001, sold for $7.6 million just a couple of days ago to the long-time owners.

The approximate $16 million in proceeds from the building sales will contribute toward the design and construction of new infrastructure, which is crucial to growing and attracting existing and new businesses. In addition, an estimated $35 million is being invested in the buildings sold and other buildings with purchase options. Long-term leases with purchase options are offered in certain instances, with the goal of preserving historic buildings, attracting building investment and high-tech, job-generating tenants, and targeting clusters of industries, such as clean-tech, food and beverage, and artisan makers. Today, the leasing program consists of 66 businesses, including Google, Wrightspeed, and a number of food and beverage companies, with a total of around 1,000 employees.

Naval Air Station Alameda closed in 1996, and the City of Alameda lost an estimated 18,000 jobs at that time. Since then, it has been a priority of the City Council to attract industries and uses that generate high-end, high-tech jobs that will serve as a catalyst for the rest of Alameda Point and an economic engine for the City as a whole.