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The Southport, CT-based development firm says the extremely discounted price will allow Summit Development to renovate and reposition the 1.2 million-square-foot complex.

Central Park Plaza was attractive to prospective buyers due to its connectivity to the entire Bay Area by way of multiple major thoroughfares and convenient access to the VTA light rail on North First Street.

Everett's Waterfront Place Central mixed-use development will include trails and parks, public gathering spaces, up to 660 housing units, a hotel, fine and casual dining restaurants, and retail entities.

Some firms that specialize in the sector have responded by going back to new, class A properties.

Common Desk recently announced its expansion into the Innovation District of the West End neighborhood with Common Desk–Factory Six03, a 18,085-square-foot co-working space.

Vacancy rates have stopped falling, and rents have flatlined, but landlords are boosting concessions and adding amenities.

And with cheaper rents, along with new amenities, buildings in the east can better compete with the West Loop.

The Cushman & Wakefield team reports repeated office sale in South Florida sees 60% rent growth and increased confidence in suburban offerings.