Two years ago, Uber delighted Oakland commercial real estate brokers with the news that they had bought the former Sears department store property at Broadway and 19th Street with plans to have a second Bay Area headquarters there to complement a big planned HQ in Mission Bay. Fast-forward to March of this year, and Uber decided to lease a big chunk of office space from the Warriors instead, at their under-construction arena complex in Mission Bay, saying they would only be locating a few hundred employees at the Oakland building, rather than a couple thousand and lease the remainder to other businesses.
Now that Uber has been in turmoil for more than six months, the company announced plans to sell the Oakland property altogether, because they need the cash. As the SF Business Times reported Thursday, the 380,000-square-foot building is on the market. It remains to be seen if the company will lose money or turn a profit after buying the property for $123 million two years ago.
The deal to plop down in downtown Oakland was hailed as a "game-changer" for the city by Oakland mayor Libby Schaaf, as Business Insider notes.
This week, Uber posted a $645 million loss on $8.7 billion in gross bookings, but they also said they'd seen a 150 percent rise in bookings year over year.
Previously: Uber Buys Half The Office Space At New Warriors' Arena, Scales Back Oakland Plans