By Meghan Hall
The Federal Justice Department is expanding its footprint in the submarket of Concord as part of an effort to tackle work backlogs. According to an announcement made by Colliers, who helped to broker the deal, the General Services Administration and Executive Office for Immigration have signed a lease for 72,811 square feet at Concord Gateway Two.
Colliers, as well as Carpenter Robbins Commercial Real Estate, represented property owner Sierra Pacific Properties in the deal. The property is located at 1855 Gateway Blvd. totals 300,995 square feet. The building is one of two within the center; 1850 Gateway Blvd. sits adjacent to the building and also totals 300,995 square feet.
“The tenant’s caseload at One Montgomery St. in SF is supposedly backlogged until 2025 and they looked at locations in both Pleasanton & Concord and our building was selected,” explained Colliers’ Scott Ellis.” The demographics favored an Eastbay /I-680 location. The advantage to the owner is a 20-year firm term lease with government credit (very solid) behind it.”
The development is now about 80 percent leased. Features of the property include modern finishes, a tenant lounge and a mix of common areas. Tenants also have access to an executive fitness center, two-onsite restaurants and proximity to BART.
Sierra Pacific Properties developed the property more than 30 years ago. The firm itself is a developer, owner and operator of institutional commercial real estate. It is privately owned by the Seeno family, who is one of the largest owners of developable land in Solan and Contra Costa counties.
“Being privately held and headquartered in Concord, California, within minutes of many of our major holdings, we are able to react quickly and efficiently to market conditions and trends,” the firm explains on its website. “Decision making is swift, agile and accessible, enabling us to out-perform many of our publicly-held competitors. Our principals take an active role in major transactions and company guidance.”
Other buildings within the firm’s portfolio include 1200 Concord, Metroplex, North Point Tech Centre, Gateway Center and others.
As of this writing, Colliers had not yet returned The Registry’s request for comment.