WALNUT CREEK, CA-Tishman Speyer has completed the purchase of California Plaza, a 10-story, 379,000-square-foot office property.

The acquisition further expands Tishman Speyer's large portfolio in the greater San Francisco region, which now includes eight office properties totaling approximately 3 million square feet. The firm recently completed development of the city's latest major office building, Foundry Square III. In addition, Tishman Speyer is currently developing an office asset at 222 Second Street along with the 655-unit Lumina residential condominium tower in partnership with China Vanke.

Situated adjacent to Walnut Creek's Bay Area Rapid Transit (BART) station and facing I-680, California Plaza is strategically located to take advantage of the rising demand for high-quality office space outside of San Francisco's red-hot downtown submarket. Walnut Creek offers office tenants an attractive downtown with a great variety of retail amenities in a transit rich location. The building is currently 90% leased to tenants that include Basic American Foods, CSE Insurance, MWH Americas and Anthem Blue Cross.

“With office space demand so high in supply-constrained downtown San Francisco, we believe that investors in the Walnut Creek commercial real estate submarket will benefit substantially in the coming years,” said Carl Shannon, Tishman Speyer senior managing director and regional director for Northern California. “California Plaza is a very attractive property in a perfect location. We look forward to bringing it to our operating and tenant service standards and offering it to the marketplace on that basis.”

Brokering the transaction on behalf of the seller was the HFF team of Steven Golubchik, Michael Leggett and John Simerlein. Tishman Speyer is one of the leading developers, owners, operators, and asset managers of first class real estate worldwide.