Oakland Tribune Tower owner flips another historic office building
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Tom Henderson, a businessman who is seeking to create 2,000 jobs in Oakland through a foreign investment program, has sold the historic I. Magnin Building, one of the four office buildings he bought in Oakland's downtown.
San Diego-based HP Investors has acquired the building at 2001 Broadway for an undisclosed price. The sale closed last Friday, according to public records.
Henderson bought the property for $9.8 million from Beacon Group Ventures in 2013. With Oakland office buildings selling for more than $300 per square foot in the past year, the 60,000-square-foot building could have traded for over $18 million, potentially doubling in value in three years.