By Jon Peterson
Boston-based The Rockpoint Group has closed on the acquisition of the Treat Towers office complex in Walnut Creek for $190.5 million, according to sources the track the sale of major office buildings in the East Bay.
Rockpoint declined to comment when contacted for this story. According to public documents, the sale closed on October 28, 2019.
The sale price on the 378,749 square foot office building comes in at $503 per square foot. The trade of Treat Towers represents the highest per square foot ever achieved for institutional office product in Walnut Creek, as stated by sources familiar with the sale of the property.
The seller of Treat Towers was New Jersey-based MetLife Investment Management. It was represented in the transaction by the San Francisco office of Newmark Knight Frank. Both the property owner and listing agent did not respond when contacted for this story.
MetLife had held ownership of the property for more than seven years. The real estate investment firm had acquired the asset in August 2012 for $118.5 million or $312 per square foot, according to public records.
MetLife had offered the property up for sale in June of this year, as The Registry reported. The pricing guidance on the sale at that time was projected to be around $500 per square foot or $189 million.
Treat Towers is a two-building office asset that is located at 1255 and 1277 Treat Boulevard. The two 10-story Class A buildings were developed in 1999. The complex is situated just north of the Interstate 680/Highway 24 junction.
One of the biggest advantages of the office asset is its proximity to mass transit. Workers at the office complex have an eight-minute walk for a half of a mile to the Pleasant Hill/Contra Costa Centre BART station. This gives tenants in the buildings a strong commuting amenity that many firms are looking for when deciding where to have office space.