Elizabeth Owens, the BPG senior vice president who oversaw the acquisition, says the East Bay market has continued to strengthen over the past two years, presenting a good opportunity to expand BPG's west coast holdings with a relatively young asset in need of additional leasing in a recovering market.
The Waterfront at Harbor Bay Business Park was originally developed between 1996 and 2000 as a corporate campus for Ascend/Lucent Technologies. It consists of four two-story office buildings, one single-story office and one distribution building located on Harbor Bay Parkway.
BPG plans to improve the multi-tenanted property with new amenities, common area upgrades and full time on-site management. Lang Sligh, an experienced west coast developer and partner of BPG since 1988, partnered with BPG in the acquisition and will provide local oversight of the property. Sligh was not immediately available Tuesday for comment.
Bill Palmer and Rick Ryan of The Palmer Team represented the seller in the transaction. Cushman & Wakefield will manage and lease the property.
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