CONCORD, CA-Swift Realty Partners, an investment firm headed by former Equity Office Properties exec Christopher Peatross, has acquired the four-building, 1.1-million-square-foot Bank of America Technology Center here, a source tells GlobeSt.com. The sale, terms of which were undisclosed, is believed to be the largest single office property sold in the San Francisco Bay area in the last three or four years. The property includes buildings of 380,000, 310,000, 210,000 and 200,000 square feet, with Bank of America occupying all of them except the 200,000-square-foot building, which is vacant.

The complex of buildings is known as Concord Technology Center, according to press reports from several years ago that said BofA was in the market to sell the property. Those reports said that BofA was looking to execute a sale-leaseback of the buildings.

GlobeSt.com’s source noted that Swift already owns a building across the street from the BofA tech center, which was 43% leased when Swift bought it seven months ago and quickly filling up (currently at 78%) . The lease-up demonstrates the resilience and demand in the Downtown Concord office market, according to the source, who added that the area is adjacent to affordable housing and other amenities that corporations look for in office locations.

Peatross, who was formerly president and CEO of Equity Office Properties, is president of Swift Realty Partners, a private equity investment firm formed in June 2010 to acquire opportunistic investments in office, industrial and other commercial real estate. The firm has financial backing from the Blackstone Group.

Peatross was a speaker at an Allen Matkins View From The Top conference that was reported on by GlobeSt.com in September 2010. In that report, Peatross said that his company was looking at assets that are industrial, office and R&D that can trade at a historically low value—50% of its previous transaction price in 2007. “Lots of times, the owner has these assets, which are under water, and the owner can’t put money in the asset,” he said, adding that a local player with capital can make all the difference, the GlobeSt.com report said.

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