By Jon Peterson
New Jersey-based MetLife Investment Management has offered up for sale the 378,749 square foot Teat Towers office complex in Walnut Creek. The pricing guidance for the property is around $500 per square foot, which could reach pricing as high $189 million, according to multiple sources familiar with the sale of the property.
MetLife declined to comment when contacted about the sale of the property. The real estate investment firm has hired Newmark Knight Frank to be the listing agent on the sale. NKF did not provide a statement for this story.
MetLife has owned the office complex since August of 2012. The investor had paid $118.5 million, or $312 per square foot, for the property, according to public records.
The planned sale of the property will represent one of the largest office building sales to transact in Walnut Creek in the past several years. The asset, which could go to an institutional owner, will give the new owner a chance to own a large asset in an attractive 680 corridor market.
Treat Towers is located at 1255 and 1277 Treat Boulevard in Walnut Creek. The asset has two 10-story Class A office buildings. Both of the properties were developed in 1999. The complex is situated just north of the Interstate 680/Highway 24 junction.
Another benefit of the Treat Tower’s location is how close it is to the Pleasant Hill/Contra Costa Centre BART station. Workers at the office complex have only have an eight-minute walk covering a half of mile to the BART station. This fact is an important one for many employers who want to be as close as possible to mass transit options.