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Is Spieker Really Planning to Focus Mainly on Office?

SAN FRANCISCO - The company says no, but some say the company will unload its industrial holdings over the next three to five years and roll proceeds into office product to keep Wall Street happy.

By David Scholz | Updated on August 05, 2000

Office is Spieker Properties Inc.’s bread and butter. Talk in commercial real estate circles, however, has the Menlo Park-based REIT planning a large disposal of its industrial holdings, proceeds from which would be used for more development and acquisition of more office space.

A company source says the company indeed sold off an industrial portfolio in Seattle area in the second quarter, but said the action is not part of larger liquidation strategy in the category.

If a property in a certain market were determined to no longer be consistent with the portfolio, it would be sold, said the source, dismissing the talk as little more than “golf course” chatter among brokers, and arguing that the firm wouldn’t be developing such properties in the Livermore and Benecia markets of the San Francisco Bay Area if that were the case.

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