PLEASANTON, CA—Ellis Partners LLC has sold 5100 Frankin Dr. for an undisclosed amount. The buyer of the 64,760-square-foot two-story office was 5100 VJ Franklin LLC.
The building was constructed in 2001/2001 and most recently occupied by Hitachi Data Systems. The office building will serve as the corporate headquarters for an undisclosed tenant.
Rick Keely and Greig Lagomarsino, of Colliers International’s Oakland office along with Brian Lagomarsino of Colliers International’s Pleasanton office represented the buyer. Ted Helgans, Jason Chandler, Ned Wood and Mark Triska of Colliers International‘s Pleasanton office represented the seller in this transaction.
According to a recent East Bay Highlight office report from JLL, the North-680 Corridor had robust leasing activity in Q2 with Downtown Walnut Creek and Pleasant Hill-BART leasing space to tenants in the 5,000 to 10,000 square-foot range. Concord signed multiple full-floor leases, notably AIG at Swift Plaza. In addition, Concord tenants capitalized on early renewals and expansions this quarter ahead of rising rental rates as the market continues to tighten.
JLL notes that “Competition is increasing among active tenants in the Tri-Valley with 1.5 million square feet of demand. Of the demand, eight active tenants are looking for 100,000 square feet and above. Despite the increased activity, the Tri-Valley is at a standstill awaiting a major anchor tenant to land, and in turn, ignite the market and propel momentum forward.”
A rise in owner-occupied building purchases increased in Q2 the firm says, with Veeva Systems buying a building in Hacienda Business Park in Pleasanton for example.
The draw for large tenants to the Tri-Valley, according to JLL, include a lowercost option, access to public transportation, a strong labor pool, and more affordable housing for employees.