One and Two Corporate Center are seven- and 10-story towers, respectively, with a combined vacancy of 5%. The buildings are located just off of Interstate 680 on Willow Pass Road, one of the main arteries in Concord, which JLL says is one of the best-performing office markets in the Bay Area.
JLL says over 86% of leases expire by the end of 2010 and carry below-market rents, offering the Aslan a value-add opportunity. "The high level of interest we received in the asset demonstrates the strength of the Concord office market and the desirability of the complex," says JLL managing director Michel Seifer.
The sale was arranged by Seifer and Rob Hielscher of Jones Lang LaSalle's San Francisco office. Seifer and Hielscher were assisted in the sale by Bob Vance, Jones Lang LaSalle's head of leasing in the East Bay.
One and Two Corporate Center is one of three East Bay office developments that Blackstone put back on the market following its acquisition of Equity Office Properties earlier this year. The other assets are 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. JLL has the disposition assignment for the San Ramon asset while CB Richard Ellis has the Pleasanton assignment.
The San Ramon asset, which is scheduled to trade later this month, is a similar opportunity to One and Two Corporate Center and is expected to trade for approximately the same price. Information on Hacienda terrace was not immediately available.
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