The three-story building at 100 Ellinwood Way will house administrative offices, classrooms and libraries for its five schools. It will replace both its main campus and the university's Orinda campus, both of which were housed in leased facilities. The university's Campbell campus, Berkeley Arts Annex and its three community counseling centers in Pleasant Hill, Oakland and Sunnyvale will remain in their current locations.
The university plans to move into the building in December 2003 following a six-month improvement project that includes large, first-floor libraries, 27 classrooms and administrative offices. Classes will begin at the new facility in January 2004. About half the building was previously utilized as a training center, which is easily adaptable for classroom use.
The university hired Colliers International to analyze its real estate needs and also used them to acquire the building. Colliers Ed Del Beccaro, the lead broker that performed the analysis and handled the transaction, tells GlobeSt.com that 100 Ellinwood Way was not on the market but did fit the university's requirements for size and location, so an unsolicited offer was made.
"They paid less than replacement value but still paid a bit of a premium in order to be in Pleasant Hill," says Del Beccaro, who was assisted with the assignment by David Gould. "When we went out to look for existing buildings that fit their needs and were in the right location, there were only two or three," says Del Beccaro. "Pleasant Hill and the I-680 corridor have half the vacancy rate of other areas because it is where all the new housing is going; it's where the growth is occurring."
Michael Whittington of Jones Lang LaSalle represented Bank of America.
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