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Vacant Office Campus Garners Interest

PLEASANT HILL, CA-The loan provider tells GlobeSt.com that a full-campus user and others have expressed interest in the 131,378-sf, three-building asset.

By Brian K. Miller | Updated on December 03, 2006

PLEASANT HILL, CA-A vacant three-building office campus here is already attracting some interest for its new owner DJM Capital Partners. The San Jose, CA-based private equity firm spent around $22 million to acquire the 131,378-sf former Bank of America campus in October and plans to invest several million more to dress it up and lease it up.

The 9.5-acre campus developed in the 1980s at 300-500 Ellinwood Dr. Steve Bram, principal and senior director of George Smith Partners, which arranged the $26.5-million acquisition and renovation loan, tells GlobeSt.com that the New York-based institutional lender liked how this particular property’s situation in the market, where vacancy is 10% and falling.

“It’s a strongly recovering market with a limited number of full-campus availabilities,” Bram says. “I hear they have a couple of offers to rent the space.”

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