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$300 Per SF Buys Two-Building Concord Complex

CONCORD, CA-Aslan Realty Partners III pays $99 million for One and Two Corporate Center, a 330,000-sf office complex in the East Bay city of Concord.

By Brian K. Miller | Updated on August 15, 2007

CONCORD, CA-Transwestern Investment Co. affiliate Aslan Realty Partners III has acquired One and Two Corporate Center from Blackstone Realty Advisors, according to the listing brokerage firm, Jones Lang LaSalle. The parties involved did not reveal the sale price for the 330,000-sf office development, but local industry sources tells GlobeSt.com it was approximately $99 million, which equates to $300 per sf.

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.

More than 86% of two buildings’ leases expire by the end of 2010 and carry below-market rents, offering the Aslan a value-add opportunity, according to JLL. “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.

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