Office Turnaround Price Signifies East Bay Recovery

CONCORD, CA-As GlobeSt.com reported last week, San Francisco-based Swift Realty Partners has sold two office buildings at 2000 Clayton Rd. and 2001 Clayton Rd. in Concord Plaza here totaling 600,000 square feet to San Francisco-based DivcoWest for $94 million. GlobeSt.com has now learned that SRP spent $24 million in renovating the property over the last year after purchasing the entire Concord Plaza for $88 million, or $82 per square foot, in July 2011.

GlobeSt.com had previously reported on SRP’s original purchase of the property, which is now 100% leased to Bank of America. When SRP, an investment firm headed by former Equity Office Properties exec Christopher Peatross, acquired the four-building, 1.1-million-square-foot property—then called the Bank of America Technology Center—it was said to be the largest single office property sold in the San Francisco Bay area in the previous three or four years. The property included buildings of 380,000, 310,000, 210,000 and 200,000 square feet, with Bank of America occupying all of them except the 200,000-square-foot building, which was vacant. Bank of America still occupies 900,000 square feet in a leaseback deal.