The Towers Draw Sky-High Pricing
An upcoming three-building trade in Emeryville could be the biggest East Bay office deal of the year, reports the San Francisco Business Times, naming KBS as the buyer of the 814k SF site. (Almost a year ago, the investor snapped up 201 Spear on the other side of the Bay for $121M.) This potential sale will put KBS back $250M, or $305/SF, sources tell the SFBT. Irvine-based LBA Realty paid about $130M for the 1980s-era buildings in 2010 during the depths of the recession and pumped up occupancy, partly thanks to multimillion dollar upgrades. Now the complex is mostly leased to tenants that include AAA and UCSF. Like the seller, KBS Western regional prez Rodney Richerson is also based in OC, here in his Newport Beach office.