By Jon Peterson
San Francisco-based The Gap has signed a lease to take an entire building in the Rosewood Commons office complex in Pleasanton, according to sources that track the office leasing market in Pleasanton.
Christopher Peatross, founder and president of San Francisco-based Swift Real Estate Partners, declined to comment on this information when contacted for this story. His company is the owner of Rosewood Commons.[contextly_sidebar id=”o974d8Yc7yUYVAaS6UJ2bBM2hX03ZE5T”]The space that The Gap will be taking is Building Four of the office complex located at 4440 Rosewood Drive. It totals 181,000 square feet. This space had been previously occupied by Ross Stores before the company decided to leave the property. The new lease will be considered a major expansion for the tenant. It has been in Rosewood Commons previously for 35,000 square feet at 4430 Rosewood Drive. The Gap has its corporate office in San Francisco at Two Folsom Street.
Swift Real Estate has owned Rosewood Commons since May of last year when it acquired the property for $155 million. The 1.03 million square foot property was known then as the California Center, before the new owner changed its name.
Swift is now adding many new amenities to Rosewood Commons rarely if ever seen in a major office campus in the East Bay. These include bocce ball courts, fire pit, basketball courts and sand volleyball courts. The construction of these amenities is now underway and should be completed by mid-year.
The project also is near mass transit. It’s a nine-minute walk, five-minute bike ride or three-minute shuttle service to BART Pleasanton/Dublin line.
The real estate manager had acquired the property from New York City-based Deutsche Asset & Wealth Management. This transaction was done for the Swift Real Estate Partners Fund I. There was a total equity raise of around $330 million and with leverage the fund has a total capitalization of somewhere in the neighborhood of $1 billion.
Fund I has a value-added investment strategy for a mixture of office and industrial assets. It only looks on the West Coast in the markets of the San Francisco Bay Area, Los Angeles, Portland and Seattle.