San Francisco, CA – HFF announced today that it has been selected to market the sale of California Plaza, a 378,696-square-foot, Class A office building in Walnut Creek, California.
HFF is marketing the property on behalf of an institutional investor, for an undisclosed price free and clear of debt.
The 10-story building is located at 2121 North California Boulevard adjacent to the Walnut Creek BART station and visible from Interstate 680 due to the distinct architecture and elevated stature of the property. Completed in 1985, the building has been institutionally maintained and features state-of-the-art building systems and a three-story subterranean parking garage. Situated on approximately 2.07 acres, the building is 89 percent leased to a variety of tenants including Blue Cross, Mass Mutual, Sutter Health, Principal Global Investors, Mutual of Omaha and New York Life Insurance.
The HFF investment sales team representing the seller is led by managing director Steven Golubchik, senior managing director Michael Leggett and director John Simerlein.
“With market rents significantly increasing in Silicon Valley and San Francisco, the North Interstate 680 Corridor is beginning to capture a growing number of tenants migrating into the submarket. Walnut Creek is one of the few markets in the Bay Area that provides the combination of a strong institutional ownership base, a stable and increasing tenant base and one of the highest barriers to entry. Additionally, the market rarely sees institutional investors trade assets, which makes this a rare opportunity for prospective buyers to plant a flag in the submarket,” commented Golubchik.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 21 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit www.hfflp.com or follow HFF on Twitter at www.twitter.com/hff