East Bay's Biggest Deal
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|Trick or treat? MetLife has made a decision. It recently acquired the $118.5M Treat Towers, one of the East Bay’s largest single-asset office sales ever (the largest since 2007.) It seems buyers are seeking stabilized opportunities outside the hub of San Francisco.|
|The life company purchased the 378k SF Class-A office complex (1255 and 1277 Treat Blvd in Walnut Creek) from Equity Office Properties/Blackstone. This week, we chatted with HFF managing director Steve Golubchik, who repped the sellers along with John Pelusi, Michael Leggett, and Gerry Rohm. He calls Treat Towers the East Bay’s “highest-profile office building in terms of quality, location, and rent roll.” The complex is 85% leased to tenants that include Paradigm Management Services, HQ Global Workplaces, Environmental Resources Management, and Littler Mendelson. MetLife’s Joel Redmon, Jacqueline Denning, and Leslie Smith represented MetLife.|
|Treat Towers consists of twin 10-story office buildings and is LEED Gold. (This really is Halloween themed, because nothing is creepier than twins.) Steve says HFF has been one of the most active firms in the region—it recently sold Britannia Business Center, a fully leased office/R&D property in Pleasanton, to Newport Beach-based MIG Real Estate. (This was the private equity firm’s first Bay Area acquisition.) Last year, HFF closed a medical office building in one of the “first institutional sales in Oakland to foreign capital in years."|