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Blackstone Puts More Bay Area Assets Up for Sale

SAN FRANCISCO-The private equity firm retains Jones Lang LaSalle and CB Richard Ellis to sell class A office developments in Concord, San Ramon and Pleasanton.

By Brian K. Miller | Updated on April 21, 2007

SAN FRANCISCO-The private equity firm Blackstone is putting three East Bay office developments on the market as it continues to refine a real estate portfolio that includes Trizec Holdings, CarrAmerica and, most recently, Equity Office Properties.

The East Bay assets coming to market are One and Two Corporate Center, a 330,000-sf, two-building development in Concord; Plaza at San Ramon, a 300,000-sf, two-building development in San Ramon; and Hacienda Terrace, a three-building, 275,000-sf development in Pleasanton. Each is a well-leased class A office complex built in the 1980s. JLL has the disposition assignment for the San Ramon and Concord assets while CB Richard Ellis has the Pleasanton assignment.

Mike Seifer of JLL, who is marketing the Concord and San Ramon properties, tells GlobeSt.com that the books are being sent out this week and that offers likely will be due the second week of May. Seifer declined to speculate on the likely sale price. Other local industry experts tell GlobeSt.com they expect all three properties to trade for a per sf price in the vicinity of $300.

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