Walnut Creek Office Complex Nearly Leased Up
Newmark Knight Frank has leased out 177K SF at Walnut Creek Executive Park, a recently renovated, 27-acre, 449,313 SF office campus in Walnut Creek. The complex, which is owned by The Koll Co. and Rialto Capital Management in a JV, is now 91% leased, its highest occupancy in 20 years, according to Newmark Knight Frank Managing Director Knute Bucklew. The office complex was 68% leased 12 months ago.
Leasing activity over the last 12 months involved 38 different tenants, of which 21 were new to the property. Of these new tenants, 19 came from outside the immediate area. The largest lease signed was with Easter Seals Bay Area for 52K SF. The organization is relocating its headquarters from Pleasant Hill in early 2018.
Other leases include 9,821 SF for Hughes Gill Cochrane Tinetti P.C., a law firm relocating from downtown Walnut Creek; 8,320 SF for Bold, Polisner, Maddow, Nelson & Judson, a law firm moving from the Walnut Creek BART submarket; and 8,206 SF for logistics company C.H. Robinson Co., which also is relocating from the Walnut Creek BART submarket.
Bucklew, along with Newmark Knight Frank Associate Danny Bartz and Executive Vice President Tom Fehr, represented the ownership for all 38 leases.
The Koll and Rialto JV acquired WCEP three years ago and recently completed major capital improvements, including new building entry and lobby improvements, restroom and common area upgrades, a bike-share program, new building and directional signage, updated landscaping and other aesthetic and operational enhancements. The property consists of 11 two-story buildings and one three-story building.
WCEP is within the Shadelands Business Park, a 246-acre, 2.5M SF business park. It is at the corner of Oak Grove Road, and Shadelands and Mitchell drives and is 10 minutes from the Walnut Creek and Pleasant Hill BART stations. A Shadelands Shuttle provides free bus service every 15 minutes from the Pleasant Hill BART station.