California Capital Investments Group has signed an agreement to purchase a 15-story office building in downtown Concord. Prices are undisclosed.
The Pleasant Hill investor purchased the 369,000-square-foot One Concord Center at 2300 Clayton Road, According to the San Francisco Business Times, Citing unidentified sources. The seller is Utah-based Bridge Investment Group.
Bridge bought the office building in 2017 for $70.5 million, or $196 per square foot. The company then spent $20 million remodeling its offices, according to a marketing brochure obtained by The Business Times.
Bridge could sell the building for $100 a square foot, and it’s currently 60 percent leased.If so, its deal with California Capital would amount to $39.6 million
One of the tallest office buildings in Concord, the office building is two blocks from the city’s BART station and features a deli, locker rooms and showers. When ground was broken in 1985, it was the “focal point” of the redevelopment of downtown Concord, According to the Los Angeles Times.
Now, it has fallen victim to turmoil in the office market in the age of remote work. The vacancy rate of office buildings in Dongwan City in the first quarter was 17.4%, and the demand for office buildings is not large.
Atlanta-based Jamestown, which has been trying to sell a vacant 300,000-square-foot office building at 2000 Clayton Street, is now considering converting the office into a vertical farm.
california capital spent thirty years Redevelopment of real estate in central Auckland.
A year ago, spending more than $90 million Two office buildings in Contra Costa County.
These include The Terraces building in Pleasant Hill, a 134,000-square-foot building where the former Oakland company moved its headquarters. The list also includes Walnut Creek Executive Park, a 27-acre office park in nearby Walnut Creek that the city and the state capital have deemed ripe for redevelopment.
— Dana Bartholomew