SAN MATEO, CA-Equity Office has closed on its sale of Station Landing, a six-story LEED Gold building in the Contra Costa Centre Transit Village at 3055 Oak Rd. in Walnut Creek. The class A property was acquired by its current tenant, California State Automobile Association.
Companies involved in the deal tell GlobeSt.com that they cannot disclose the price, except to say that it is believed to be one of the largest office sales to take place in the Bay Area in the last year. However, GlobeSt.com has learned from unidentified industry sources that the price was $128 million.
At the time it was built by Equity Office in 2009, Station Landing was the largest build-to-suit project in Northern California, providing 255,000 square feet of class-A space and a 763-stall parking structure for the CSAA headquarters, which houses more than 1,000 employees. CSAA was previously headquartered in San Francisco.
The property was designed by Korth Sunseri Hagey Architects and developed by CA Station Landing Development Co., a joint venture between Equity Office and Emeryville, CA-based Harvest Properties. The project was completed ahead of schedule in July 2009 and CSAA assumed occupancy in November 2009.
“This is a signature asset, clearly worthy of being a headquarters location for a major organization and we are proud that CSAA values the property enough to want to own it. We developed, delivered and then guided this asset through the LEED certification process during a challenging market cycle and brought a major employer to this East Bay market for the long term,” says John Moe, managing director in charge of Equity Office's Northern California operations.
Station Landing was designed to achieve a LEED Gold rating, which stipulates usage of over 40% less water and 17.5% less energy than a standard building of similar size, in addition to a number of other standards. During construction, over 75% of the waste was diverted from landfills, and the amount of recycled material used in construction was significantly increased. Additionally, the building purchases a portion of its power from renewable sources as well as recycling, composting and using biodegradable cleaning products to support overall environmental sustainability.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
