Meridian Purchases Concord Office For $26M
Meridian has expanded its Bay Area portfolio to include an office building in Concord. The real estate developer purchased the nine-story, 174,689 SF Sutter Square office building for $26.2M from Cranbrook Group. The office at 1800 Sutter St. and near downtown Concord is 78% leased. This purchase is Meridian’s second value-add office investment within the last 12 months in the Bay Area.
“Concord’s office market has shown strength recently and Meridian expects it to continue as tenants transition away from more expensive Bay Area markets,” Meridian Director of Acquisitions Lorenzo Brooks said.
The developer will renovate and reposition the property. It will redo the common areas, including the lobby, hallways, fitness room and conference area, to give them a more modern look and feel. Individual tenant suites will receive new carpet, paint, glass wall offices and Title 24 energy-efficient lighting. Building systems will be upgraded and a new roof will be installed. Americans With Disabilities Act issues throughout the building also will be addressed.
Transwestern Senior Vice President Scott Ellis and Senior Managing Director Edward Del Beccaro represented the seller. Meridian represented itself. Ellis will handle the leasing of Sutter Square on behalf of Meridian.
Earlier this year, Meridian purchased a six-story 105K SF office building in San Mateo County for just under $29M. Last year, it bought a 115K SF medical office complex in Los Angeles County for $37.5M.