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Contra Costa County Inks 20-Year, $57M Lease

WALNUT CREEK, CA-The County's Employee Human Services Division will occupy Ellinwood Corporate Center, a 137,000-sf, three-building development set around a large lake.

By Brian K. Miller | Updated on February 19, 2008

WALNUT CREEK, CA-Contra Costa County has signed a 20-year, $57-million lease on behalf of its Employee Human Services Division. The lease, which commences later this year, is for Ellinwood Corporate Center, a 137,000-sf office campus on Ellinwood Way here that consists of three three-story buildings set around a large lake, all visible from Interstate 680.

The lease likely means a good return on investment for building owner DJM Capital Partners Inc. The San Jose-based private real estate investment company acquired the building vacant in October 2006 from American Financial Realty Trust, which had previously positioned the property for sale as a residential development. The buildings previously were occupied by Bank of America.

DJM paid $22 million for the building and says its total renovation expense will be $16.5 million, for a total investment of about $40 million. The county will start out paying slightly more than $2.8 million per year under the lease and will pay a total of $57 million over the life of its lease, not including operating expenses, according to county officials.

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