Suburban General Office Seen as Underserved by Investors

Sutter Square is a 174,689-square-foot office building that Meridian purchased for $26.2 million.

CONCORD, CA—With a recent purchase marking a second value-add office investment in the last 12 months in the Bay Area, Meridian recently purchased Sutter Square, a 174,689-square-foot nine-story office building. Meridian paid $26.2 million for the 78% leased building located near downtown at 1800 Sutter St. The seller was the Cranbrook Group of Modesto, CA.

“We’re excited to continue our expansion into suburban general office which has been underserved by investors,” John Pollock, CEO of Meridian, tells GlobeSt.com. “Especially here in the San Francisco Bay Area, a competitive and highly desirable area, tenants are looking for value while also providing amenities that attract the best available talent. We want to utilize our value-add investment strategy to create attractive well-designed buildings that ultimately give tenants and their employees more options when looking for the perfect space. The purchase of Sutter Square gives us a great opportunity to use our creativity and client-focused real estate strategy to provide value to the developing environment of downtown Concord.”