The sale price for its Civic Center portfolio should cover the cost of its new digs, which local industry sources tell GlobeSt.com will cost EOP as much as $500 per sf to develop. The CSAA owns four buildings near the intersection of Van Ness Avenue and Hayes Street, one block from City Hall. The jewel of the 580,000-sf portfolio is a 28-story, 375,000-sf building at 100 Van Ness Ave. that dates to the 1970s and boasts views of all four bridges from the upper floors. The rest of the portfolio, built in the 1950s, consists of two connected eight-story buildings and one nine-story building located at 150 Van Ness Ave. and 150 Hayes St. The portfolio includes parking for 248 vehicles.

The estimated value of the portfolio is well north $100 million, local investment specialists tell GlobeSt.com, possibly as high as $140 million, which translates to a blended price of approximately $241 per sf. Edward Suharski, the Grubb & Ellis SVP with the disposition assignment, declined to estimate the value of the portfolio but says it would come about 75% leased and the vacancy will consist of 10 contiguous floors in the high rise that the buyer can select. Tours are under way; bids will be due toward the end of July. "The views from the upper floors are stunning, some of the best in the city," he tells GlobeSt.com.

The development site for its new headquarters sits at 3055 Oak Rd., adjacent to Interstate 680 and within one block of the Pleasant Hill BART station. A source with CSAA tells GlobeSt.com that the move to Walnut Creek is an opportunity to have a new state-of-the-art headquarters built to suit its needs in a location central to the entire Northern California region and adjacent to a BART station. "We were really looking for the opportunity to create the kind of open, collaborative work environment that will help us grow our business," says the source.