LEI Grabs 105k SF Walnut Creek Office Building
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Lowe Enterprises Investors has acquired a 105k SF Walnut Creek office building. The four-story Class-A building at 500 Ygnacio is a JV with Cigna Realty Investors.
“Walnut Creek is a solid market with office rents increasing approximately 10% in the last 12 months and significant construction of new residential communities including 126 units directly across the street from our building,” says Lowe Enterprises co-CEO Brad Howe.
The firm will make capital improvements to the interior/exterior and add new building systems. These upgrades include extensive landscaping to create a shaded outdoor seating area, new building arrival signage and furnishings for tenant balconies. Corridors and common areas will include modern finishes and lighting. Tenant spaces will be converted to turnkey spec suites that could include exposed ceilings, concrete flooring at entrances, carpet and paint.
The building includes ample parking, large floor plates, two parking entrances/exits, elevators that go directly to tenant spaces from the garage and 12 private balconies. It’s close to local freeways and the Walnut Creek BART station.
Lowe Enterprises will manage the building, and Newmark will provide leasing services. The building was purchased from Pacific Eagle Real Estate Fund. The 500 Ygnacio acquisition is LEI’s most recent East Bay purchase. It has previously invested in properties in Dublin and Pleasant Hill. LEI also owns the Hotel de Anza in San Jose, which it acquired in 2014.