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Office Property Likely to Give Way to Multifamily

The sale of Parkway Center, a two-story 71,742-square-foot office building that is 100% occupied, may pave the way for a potential redevelopment to multifamily, say sources close to the transaction.

Parkway Center Parkway Center is a two-story 71,742-square-foot multi-tenant office building that is 100% occupied.

FREMONT, CA—Further demonstrating the critical need for housing in the Bay Area, one property may eventually go from 100% occupied office building to a 100% occupied multifamily complex. The sale of Parkway Center, a two-story 71,742-square-foot office building, may pave the way for a potential redevelopment to multifamily, say sources close to the transaction. The buyer was The Stanley Group Inc. of Los Gatos, which purchased the asset for an undisclosed price.

Parkway Center is a multi-tenant office building, with tenants that include Lipman Insurance Administrators, Coldwell Banker, Chicago Title and The Center of Speech. Located at 3340 Walnut Ave., the property is in close proximity to the Fremont BART station and surrounded by numerous retail amenities.

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Lisa Brown

Lisa Brown

Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.

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