Hitachi, which sold the 12-story building to a Southern California-based investment group for about $23 million, will continue to occupy three floors in the building, about 56,000 sf, on a long-term leaseback. All told, the 15-year-old property in the Sierra Point Office Park is about 55% leased.

CBRE's Jon Moeller will be heading up the leasing team. Moeller tells GlobeSt.com the new ownership will be spending "a considerable amount of money" on improvements, including landscaping and reworking the first floor to create an exterior entrance to the existing café, formerly Hitachi's in-house cafeteria. "Hitachi consolidated and began trying to multi-tenant the building six years ago," he said. Most people don't know the café is open to the public, and there's not much else in the area."

Koll began constructing the building at the end of the 1980s. Koll broke ground on the building on a speculative basis, but Hitachi came in and bought the building before it was completed in 1989. In the late 1990s, when Hitachi consolidated and freed up a lot of space in the building, it didn't try too hard to find tenants, says Moeller. "Hitachi said, 'if people are interested, get in touch with our agent,'" he says. "They never actively pursued tenants, never put up any signs."