By Jon Peterson
San Francisco-based Swift Real Estate Partners has leased 395,000 square feet of office space in Concord and Pleasanton in the last month, according to sources familiar with the company’s leasing activities. One of the leases is with Wells Fargo Bank for 285,000 square feet in Concord. The other lease was with Zeltiq for 110,000 square in Pleasanton.
Christopher Peatross, president and founder of Swift, declined to comment on who the tenants are on the new leases that the company has signed.
The property that Wells Fargo has signed a lease for is the Swift Plaza asset located at 1655 and 1675 Grant Avenue in Concord. 1655 Grant is a 13-story office building totaling 292,896 square feet and 1755 Grant totals 184,606 square feet, according to the building’s Web site.
Swift was represented in the lease transaction by Breck Lutz of Newmark Cornish & Carey, an executive managing director who works out of his company’s Walnut Creek office. The tenant’s representative was Whiff Collins of Cushman & Wakefield, senior managing director, who works from his company’s Walnut Creek office.
Swift has owned Swift Plaza for several years and has made significant physical improvements to the campus including lobby upgrades and exterior building work. The capital source for the purchase of these assets was not by Swift’s two commingled funds but rather a prior joint venture purchase with GEM Real Estate based in Chicago. The real estate manager originally bought the four-building 1.1 million square foot property for $88 million. It then sold two of the buildings totaling nearly 560,000 square feet to San Francisco-based DivcoWest Properties for $94 million.
The new lease that Swift has recently signed at Rosewood Commons, its Pleasanton campus, represents the entire building located at 4410 Rosewood Drive. The lease by Zeltiq is an expansion for the company. The firm presently occupies space at 4698 Willow Road in Pleasanton, according to its Web site. Swift has completed extensive amenity improvements on the campus including café, conference center and landscaping upgrades.
This new lease is just the latest example of the leasing success that Swift has had at its Rosewood Commons property. When it acquired the property two years ago, there was a total of 900,000 square feet of space available. At the time it was the largest contiguous space for office product in the Bay Area. It has completed 600,000 square feet of leasing at the property, which has increased occupancy from 10 percent to 75 percent.
Rosewood Commons is owned by Swift’s first commingled fund, Swift Real Estate Partners Fund I. The real estate company is now out purchasing properties for Swift Real Estate Partners Fund II.