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WALNUT CREEK, CA-Boston-based Pembroke Real Estate has begun construction on a new 167,000-sf office building across from the Walnut Creek BART station on North California and North Main streets. The two-tower, $50-million Three Ygnacio Center is being built adjacent two existing 10-story towers known as One Ygnacio Center and Two Ygnacio Center. It is scheduled for completion by summer 2002.

Three Ygnacio Center–one a six-story structure and one a four-story structure–does not have any preleased tenants at this time, but company officicals are not worried. Sources close to the deal anticipate that the 1.5% vacancy rate in Walnut Creek keeps demand high. Rates for existing class A buildings in Walnut Creek are going for $48 per sf.

One Ygnacio Center was built in 1972 while Two Ygnacio Center was constructed in 1985. “The property now is underdeveloped and we want to develop it to its potential,” says William Reny, senior vice president for Pembroke. “We wouldn’t be surprised for an anchor tenant to take two-thirds of the building.”

Before Pembroke could begin, several buildings constructed on the three-acre site during the 1960s had to be torn down. The demolished structures included a Chinese restaurant, an Italian eatery, a music store, a realty company’s offices and a futon shop. The only remaining store, Copeland’s Sports, also will be torn down. The sporting good store plans to move to a Downtown location.

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