Change to Institutional Ownership for 3003 Oak Road Opens Door for Tenants Seeking Transit Friendly Class A Location along I-680 Corridor
WALNUT CREEK, CA July 12, 2017 – A change in ownership of 3003 Oak Road, in combination with a significant upcoming vacancy, heralds a new chapter for the highly visible, amenity-rich Class A office building next to the Pleasant Hill BART station. A joint venture led by Northern California’s Ridge Capital Investors acquired the 206,415 square foot property this week from owner/user PMI Group LLC.
The owners have retained Jim Peterson and Kevin Mechelke of JLL to handle leasing for the building.
Vacancy at 3003 Oak has been limited with just a few smaller suites available; however, close to 100,000 square feet of available space has opened up as a result of Arch MI’s decision to relocate its headquarters to the East Coast. This offers tenants the rare opportunity to occupy a large block of Class A space adjacent to a BART station. The seven-story building sits directly opposite Pleasant Hill BART and the adjacent Contra Costa Centre Transit Village, an award winning live-work-play community. It is a two minute walk from the Iron Horse Regional Trail, a forty mile walking and bike trail running from Concord to Pleasanton/Livermore.
“Since this building was originally built for an owner-user, it gives prospective tenants a unique opportunity to benefit from an above-standard building infrastructure and a rich amenity package,” according to Kevin Mechelke of JLL. Among the key features: one of the largest rooftop solar installations in the East Bay; three-day back-up power for the building, including HVAC; electric vehicle charging stations, bike lockers, ample onsite parking and a ground floor restaurant.
“Until now, very few tenants have had the opportunity to lease space in the building because the prior owner was also the major tenant. Now with an institutional owner/operator in place, and a significant block of availability, a much wider swath of tenants will want to see this space,” said Jim Peterson of JLL.
Like many Bay Area office submarkets, the Walnut Creek/Pleasant Hill Class A office market is currently tight. Total vacancy at the end of the first quarter in downtown Walnut Creek and in the submarket around Pleasant Hill BART was about 8 percent.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2016, JLL had revenue of $6.8 billion and fee revenue of $5.8 billion and, on behalf of clients, managed 4.4 billion square feet, or 409 million square meters, and completed sales acquisitions and finance transactions of approximately $136 billion. At year-end 2016, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of more than 77,000. As of December 31, 2016, LaSalle Investment Management has $60.1 billion of real estate under asset management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.
